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Dubai: Dubai Properties, a member of Dubai Holding, yesterday said less than 100 apartments at Jumeirah Beach Residence (JBR) are still up for grabs out of the project's 6,900 units.
The last 350 units were offered on a 99 per cent finance offer by Dubai Bank last month. Of these, fewer than 100 remain, the company said.
The Dh7.3 billion JBR project is marketed as the largest single phase residential development in the region with 36 residential towers, four hotel towers and four beach clubs.
"The exclusive finance offer has been popular with UAE nationals and residents alike and in one month we have witnessed the sale of around 75 per cent of the available units," said Abdul Rahman Al Madhloum, director of sales, Dubai Properties.
As per the terms of the finance facility, which ends on September 24, Dubai Bank charges a flat processing fee of Dh10,000 and Sharia-compliant repayments spanning a maximum of 20 years, depending on the eligibility criteria.
The current availability of attractive finance offers is a major driver of the residential sales market and is boosting turnover for brokers, said Billy Rautenbach, director of operations at Better Homes.
"The introduction of new products from finance companies has helped us to sell a lot more property. Deals where buyers pay one per cent downpayments make units affordable so of course it affects sales," she said.
"In the last year finance and mortgage has been the biggest contributor to our business."
A greater number of attractive finance deals are now available because finished properties are hitting the market, allowing companies to gain a real sense of a project's value, she said.
JBR is the first freehold master development by Dubai Properties. The company's other projects include Business Bay, The Villa, Culture Village and Tijara Town.
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