Aldar offers post-handover payment plans

Abu Dhabi-based developer Aldar is offering post-handover payment plan to property buyers for the first time on its latest projects, reflecting the market trend where developers are resorting to new incentives to prospective buyers amidst falling sales.
The largest property in Abu Dhabi will offer up to 60 per cent post-handover payment plan on its six latest projects - Mamsha, Jawaher, Yas Acres, Mayan, Alghadeer and Reflection. The payment plan, however, excludes the period of construction works.
Maan Al Awlaqi, executive director for commercial at Aldar, said this is first time company is offering post-handover payment plan, which is spread over four to five years.
"Meeting customer demands is a top priority for us, and this promotion is designed to create convenience and flexibility. Under the terms of the new post-handover payment plans, customers will be able to buy dream homes on beneficial terms at a choice of six prime developments in Abu Dhabi," he said.
The developer also offers to charge no registration fee on the purchase of villas, townhouses and apartments.
Property developers across the UAE have been introducing new incentives to the buyers amidst decline in sales. Dubai-based Emaar Properties earlier this year offered three-year renewable business licence from the DMCC and renewable residency visa to customers on the payment of only 20 per cent of the apartment price.
Prices for apartments and villas in Abu Dhabi declined 5 per cent and 3 per cent, respectively, in the second quarter of 2019.
Nick Witty, managing director of Chestertons Mena, said downward price corrections are expected to continue throughout the rest of this year as over 11,000 units are scheduled to be delivered, which is creating a highly competitive market in favour of both tenants and home-buyers, to the detriment of property prices and rents.
"There is, however, reason to be optimistic. The recently announced freehold law is expected to generate a marked improvement in the capital's real estate sector, the UAE ministry has also recently cut work permit fees by between 50 per cent and 94 per cent, while the 10-year residency visa should enable people to put down roots in the country and encourage them to invest in property for the long term," he said.
Aldar shares closed unchanged at Dh2.13 on Monday. Over 9.51 million shares changed hands worth Dh20.15 million in 284 transactions.
- waheedabbas@khaleejtimes.com