Sorouh announces Abu Dhabi rent to own

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Sorouh announces Abu Dhabi rent to ownAbu Dhabi developer Sorouh has announced the first rent-to-own property project in the city.  While Dubai has several such options, Sorouh’s Sun Tower (part of the Sun and Sky project on Reem Island) will allow residents to apply up to 90% of their rent towards the purchase price of an apartment. Renters can lock in a rental rate for three years, another unusual perk, and then apply the rent towards their apartments.

Abu Dhabi is suffering from an over-saturation of the housing market, and rents have dropped up to 35% this year, forcing developers to seek other options to raise funds.  Sorouh does concede that their rents are about 5% higher than the industry average, but they allow renters (even in the rent to own scheme) to pay quarterly, rather that the standard one payment.  Financing through rent-to-own will also be easier for the buyer, as some lenders would charge 50% down in a regular scheme.

 

 



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Abu Dhabi developer Sorouh has announced the first rent-to-own property project in the city.  While Dubai has several such options, Sorouh’s Sun Tower (part of the Sun and Sky project on Reem Island) will allow residents to apply up to 90% of their rent towards the purchase price of an apartment. Renters can lock in a rental rate for three years, another unusual perk, and then apply the rent towards their apartments. Abu Dhabi is suffering from an over-saturation of the housing market, and rents have dropped up to 35% this year, forcing developers to seek other options to raise funds.  Sorouh...

Sorouh announces Abu Dhabi rent to ownAbu Dhabi developer Sorouh has announced the first rent-to-own property project in the city.  While Dubai has several such options, Sorouh’s Sun Tower (part of the Sun and Sky project on Reem Island) will allow residents to apply up to 90% of their rent towards the purchase price of an apartment. Renters can lock in a rental rate for three years, another unusual perk, and then apply the rent towards their apartments.

Abu Dhabi is suffering from an over-saturation of the housing market, and rents have dropped up to 35% this year, forcing developers to seek other options to raise funds.  Sorouh does concede that their rents are about 5% higher than the industry average, but they allow renters (even in the rent to own scheme) to pay quarterly, rather that the standard one payment.  Financing through rent-to-own will also be easier for the buyer, as some lenders would charge 50% down in a regular scheme.

 

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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