Asteco - new mortgage scheme to the Qatar market

Asteco, the UAE's largest property services firm has been appointed chief property sales agent to danat Qatar situated in the Porto Arabia district of the Pearl - Qatar development. The new 'construction milestone' mortgage is set to fulfil customers' quality satisfaction and is a first to the Qatar market.

Buyers of danat Qatar apartments, situated in the Porto Arabia district of the Pearl-Qatar, can now benefit exclusively from this pioneering mortgage scheme. This particular mortgage sees banking funds released to developers only on successful completion and professional survey of critical points in the construction stage, to time and specification. Developers are rewarded with each successive floor level built, whilst new homeowner's gain peace of mind that their new homes will be completed and ready to move into, within a scheduled timeframe.

Currently in the Qatar property market, real estate developers have financial agreements with banks to fund large development projects; selling 'off-plan' to fund repayments. Although this is of benefit to customers financially, there is no assurance of receiving a quality build; providing the impetus for Commercial Bank & Asteco to create this pioneering new mortgage product for danat Qatar buyers and providing assurance that they will receive a high quality product; a number one priority for Asteco.

Asteco have built their success by providing quality developments to their customers and the firm are constantly looking to create value for their customers whilst simultaneously raising industry standards.

David Oayda, of Asteco said:

'We are a partner to this scheme because it demonstrates the faith we have in the developer to deliver the product on time. It is vital that our buyers receive information throughout the construction phase. We have confidence that our buyers will not only appreciate the peace of mind they get through the construction milestone scheme but that they will clearly see the benefits of buying through Asteco in danat Qatar.'

Stage 1 of construction is already underway, with 60 apartments initially on offer from the 230 units available in total. The danat Qatar development is scheduled for completion in September 2009.