New rent-to-own scheme for Raha Beach homes

06/09/2011 - Northern Emirates Property & Investment News Posted by Neil King
New rent-to-own scheme for Raha Beach homes

Owning a property in Abu Dhabi could soon become easier for a number of potential investors following the launch of a new scheme.Aldar Properties, the emirate's largest development firm, has announced that it is to operate a new rent-to-own scheme, which it hopes will boost sales in the area, The National reported.Under the terms of the scheme, tenants will be offered a path to ownership at a time when consumers are wary of buying.More than 950 apartments will be made available at the Raha Beach development in Al Zeina, along with 180 villas.Rami Nasser, director of sales and commercial leasing for Aldar, said the firm believes there is "huge demand" in the market for this type of product.Paul Maisfield, general manager of property firm Asteco, added: "There is a latent demand in the market for people to own a home. One of the main barriers to entering the market and buying is the deposit."