Dubai, UAE, February 22, 2007: Emaar Properties is offering residents of The Lakes the option to purchase homes that are currently leased to them. Sales of the units in the master-planned residential project will be undertaken in phases, with the Zulal and Forat townhouses to be sold in the first phase.
Amlak Finance is providing easy home finances of up to 97 per cent of the project value to potential buyers. To assist tenants further with the purchase, Emaar is also offering 3 per cent discount on the total value apart from waiving the mortgage registration fee.
Mr Ahmad Al Matrooshi, Managing Director – UAE, Emaar Properties, said: “With the issuance of the Dubai Property Law, there is increasing preference for residents in Dubai to own homes than continue as tenants. This is reflected in the strong demand for residences in designated freehold areas. The Lakes is an established neighbourhood and we are offering homes for sale with the current tenants having the first opportunity to buy their homes.”
The sales process will be streamlined by Hamptons, which will arrange pre-approved mortgages from Amlak. Current tenants have been provided three weeks to decide on the purchase option. The townhouses that are not bought by existing tenants will go to the open market. Tenants can continue to stay in their homes as all existing lease agreements will be honoured until the renewal date. Renewals will be subject to the terms and conditions of the new owner but will be in line with the rental laws that are operational in Dubai.
To assist current tenants to make easy purchases, Amlak Finance offers them an alternative of paying only the profit on the principal amount for the next two years, in four convenient cheques. Installments on the principal amount will begin only after two years.
“This finance option will help tenants prepare themselves financially to make the purchase,” added Mr Al Matrooshi. “Tenants, however, are also free to choose home finance from any mortgage provider.”
There are 306 Zulal townhouses and 60 Forat townhouses, all located along picturesque lakes. They are situated near the other residential projects of Emaar including The Springs, The Meadows and Emirates Hills.
Emaar has informed all residents of the decision through a letter that also details the price and payment details of the apartments. Emaar will continue to manage The Lakes community and support the infrastructure maintenance as it does with its other residential projects together with the help of home owner committees.
