City Properties Introduces Cityflex Home Ownership Plan to UAE Housing Market
Leading real estate agencies believe the first-of-its-kind ultra-flexible payment plan will revolutionise affordable home-ownership
In an effort to make home-ownership easily accessible to both investors and end-users, City Properties, the property development arm of City Tower Real Estate, hosted leading real estate agencies in the UAE for an exclusive event on 30th of January. The event introduced the innovative Cityflex Ownership Plan, a first-of-its-kind, ultra-flexible payment plan.
With a phenomenal turnout of over 600 agents, City Properties also showcased its maiden real estate project, Al Haseen Residences, which offers buyers the opportunity to invest with the Cityflex Ownership Plan. The plan will offer investors and end-users customisable payment plans to match their funding capabilities including a developer-funded 10 Year Interest-Free payment plan and a property management instalment guarantee plan.
The Cityflex Ownership Plan requires a down payment of only 10 per cent to book the apartment followed by just five per cent of the property value every quarter until handover. This amounts to only 40 per cent of the total property value till handover, Cityflex offers investors and end-users a variety of ultra-flexible ownership options for the balance 60% payment including: • Post-handover, interest-free payments for up to 10 years via 120 instalments or, • Property management option wherein City Properties guarantees payment of the remaining 60% including service charges over a period of 10 years. This unique and innovative option allows investors to own a property by only investing 40% of the purchase price.
Commenting on the importance of the brokers’ community in achieving home ownership for all, Tauseef Khan, Chairman at City Properties said, “We believe the launch of the Cityflex Ownership Plan is a landmark moment in the evolution of the affordable housing segment. We are extremely pleased to receive an overwhelmingly positive feedback on our innovative payment plan, and feel confident that the revolutionary Cityflex Ownership Plan will make home ownership easy and affordable.”
Commending City Properties’ efforts, Lazar Jakovljevic from Better Homes stated: “The Cityflex Ownership Plan is a huge breakthrough in the UAE real estate market. In fact, it is the first time a developer has tried to cater to every member of the community seeking to own a home or invest in real estate in Dubai.”
Akram Skaik from Noble Empire said: “We are confident that the Cityflex Ownership Plan will boost real estate sales in the UAE as it offers various payment options. Undoubtedly, it will attract a lot of investors and end-users who are looking to find affordable housing ownership solutions.”
Adding to this, Khurram Ahmed from Al Burooj Real Estate said: “Offering a low-risk investment opportunity can be very appealing for people who have always been delaying the possibility of owning property in Dubai. In fact, a lot of people who have a stable job in Dubai feel that they cannot handle the financial responsibility that comes with home ownership. This is where we see the Cityflex Ownership Plan as a desirable solution to change the mindset of the salaried expatriate community in the country.”
Al Haseen Residences, which is located near Dubai South has 138 units including studio, one BHK and two BHK apartments, incorporating all modern amenities such as a swimming pool, separate gymnasiums for men and women, covered parking, central AC and a beautiful waterfall lobby entrance. Project completion is expected to be in the first quarter of 2019.