Dubai-based real estate developer Samana Developers — a part of Samana Group — has revealed that it will provide 50% financing to buyers at its resort-style development, Saman Golf Avenue in Dubai Studio City.
In a statement, calling the facility “game-changer” said that it is the first developer in the UAE to provide “such a massive offer”. The move follows the Central Bank of UAE’s discussion over relaxing the existing ceiling of 20% financing by UAE lenders for real estate sector.
Samana Golf Avenue comprises 233 studios, one- and two-bedroom apartments, some with private pools, and an observation deck.
The financing will be available for up to 10 years tenure on the development for up to 50% of the unit value.
Speaking about the initiative, general manager of Samana Developers, Alan James Gammon, said: “50% financing is a generous move by Samana Developers, which reflects our rent-to-own approach for homebuyers.”
The developer’s rent-to-own scheme also includes the competitive guarantee of 24% rental returns at Samana Golf Avenue for end-users and investors.
Additionally, the developer also provides a 10% down-payment and over 90 months instalment scheme.