Sorouh announces Abu Dhabi rent to own
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 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.
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...
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 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.
