Tamweel's International City project sets unprecedented property demand

The exceptional value offered in this project, being developed by Nakheel, can be gauged from the speed with which the buyer commitments have been received. Tamweel, which launched the online pre-registration process announced that all apartments in the first phase buildings originally envisaged for sale have been booked online on the day of its market launch.

In line with the unprecedented demand for its Lease-to-Own scheme, Tamweel has announced that it has arranged another five buildings in the International City for sale. Through its innovative financing, Tamweel had launched the sale of apartments under the unique scheme, which results in 30 per cent cheaper lease payment compared to current market rentals. The units are expected to be ready for buyers to move in by August of 2006.

A special promotional event is also under way till May 23, from 3pm to 9pm, at Al Jumeirah Ballroom at Crowne Plaza, Dubai for interested buyers to learn more about the process to buy property under the scheme at the International City.

Commenting on the unparalleled demand for its innovative financing option, Mr. Adel Al Shirawi, Chief Executive Officer of Tamweel, said: "We were always confident of the demand for our Lease-to-Own financing scheme. However, we are extremely delighted with such an enthusiastic response to our project from investors and buyers and this incomparable achievement of registering the sale of the entire units in the first day itself reflects the faith everyone has in our scheme and real estate projects that deliver excellent value to home owners in this dynamic city."

He added: "The overwhelming response to the online pre-registration process also reflects the inherent demand for quality and affordable housing in Dubai and in view of this; we decided to offer another five buildings in the project up for sale."

Mr. Al Shirawi said that Tamweel was always sure that the innovative scheme will offer a unique alternative option for helping buyers to overcome barriers to get affordable housing. "Our Lease-to-Own product makes it simpler for customers to compare lease payments with annual rents instead of comparing mortgage profits rates. The success of this whole promotion epitomises our understanding of market dynamics and the customer satisfaction in our products and services. It also reflects the seamless cooperation and coordination among the different departments of Tamweel to execute the process faster and easier for our customers," he said.

At the Crowne Plaza event, prospective homebuyers can avail the advantages of 'On-the-spot finance approval' - the final mortgage approval at time of buying the property, which is another industry first by Tamweel in its range of product development like YUSR, Pre-approval and Guaranteed Finance products.

Studio and one-bedroom apartments were purchased at Lease-to-Own down payment of AED29,000 and AED40,900 respectively, which equates to one year rent. Rental prices are favourably compared to many parts of Dubai like Bur Dubai, Karama, Ghusais and Al Nahda. The low priced apartments with lease payment scheme have a 15-year tenor.

"The success of Lease-to-Own concept has echoed the unmet demand and how it has significantly outstripped the supply of home finance products. To meet this demand, Tamweel has consistently unveiled a range of world-class products for local, GCC and expatriate home owners and commercial investors. Under this new scheme, residents in Dubai need no longer worry about future rent hikes and at easy installments, buying a home in Dubai has never been so easy and affordable," said Mr. Al Shirawi.

The purchase and approval process under the Lease-to-Own scheme involves minimum documentation. The buyers need to provide Salary Certificate, three months' bank statement with salary credits, valid passport copy with a visa page, and 10% down payment cheque.