Dubai Lagoon, the high watermark of living, which was launched on the 9th of December, announced Wednesday that it is 80% sold thanks to a new financing option previously unavailable for United Arab Emirates property. Dubai Lagoon, the 3 billion AED project that comprises 53 residential buildings, has been the first development in the country to offer the unique financing option.
Dubai Lagoon offers a 7 years financing option allowing purchasers to pay 50% over a 24-month period and the balance over 60 months, in monthly instalments, after taking possessions, without any loan, mortgage or post dated cheques.
The financing has been attractive to both investors and residents resulting in an equal split between the two groups. It allows purchasers to sell to a third party upon payment of the 1st instalment. In addition, all apartments are ownership sub-lease hold title which means that all clients are eligible for family residence visas, subject to UAE immigration rules and regulations.
Sonia Husain, Executive Director of Dubai Lagoon said: “Over 80% of phase one has sold out within the first two weeks. Of the purchasers, half have taken our unique financing option which allows great financial freedom. When we put the Dubai Lagoon project together we realised that home owners and investors were looking for ideally located mid level housing, and the project would be successful if we could set up an attractive financing option allowing residents to purchase units and pay for them over convenient quarterly payments and monthly payments thereafter.
“It has been this unique financing option has been one of the main successes of Dubai Lagoon. We have also been told by those first to purchase that the location in Dubai Investment park has been a big pull. This new area of Dubai promises to be the future of investment, employment, and now offers an ideal place to live, with expansive water views of the lagoon and lavish landscaped gardens”.
Dubai Lagoon development launched with 4,166 units – studio, 1 bedroom, 2 bedrooms, 3 bedrooms and 4 bedrooms. After the initial 14 days there are only studio and 1 bedroom units available in the first phase.
Phase two is expected to launch in the second quarter in 2006. At which time the price on all units is expected to be launched at a premium to prices available today in phase one, according to a Dubai Lagoon spokes person.
Targeting the middle to high middle income class, all buildings have lagoon views, and with over 75% of the total land used for landscaping and the lagoon itself, the development promises to offer residents charming, tranquil and luxurious surroundings.
Sonia Husain, summed up the launch by saying: “Residents and investors have sensed the difference. From the unique financial option to the guaranteed delivery date of the completed project, we hope we have offered consumers a high level of service to allow them to make an informed choice.”
