The Dubai developer Seven Tides is offering a deferred payment plan for investors at its luxury Anantara Residences Palm Jumeirah as residential property market in Dubai shows signs of a slowdown.
According to the nine-month plan, investors need to pay at least 20 per cent of the total unit price with the balance due after nine months of the purchase. The buyers will get immediate possession of the unit and the developer will cover service charges for the period.
After nine months, the buyer can resell the property after fully paying for it, or enter Anantara’s rental programme. The resort is located in the same complex and 180 apartments and seven penthouses are yet to come to the market.
The scheme is available for one- and two-bedroom apartments in the North and South Residences.
“This targets the smaller independent investor who may have the capital to secure a property, but need more time to fund an outright purchase,” said Abdulla Bin Sulayem, the chief executive of Seven Tides. Sales volumes in the Dubai residential market are down and average sale prices grew by 6 per cent in the second quarter compared to 10 per cent in the previous, according to consultants JLL in its second quarter report.
Last year, Seven Tides put on sale 170 apartments covering three floors and had sold 80 per cent of the units.
Two more floors featuring 64 units were released to the market in February. The complex has 442 apartments and 14 penthouses on eight floors.
The entry price of the Anantara apartments is Dh2.6 million, and more than 90 per cent of the investors were cash buyers, Mr bin Sulayem said in a January interview, similar to the trend at other freehold properties.
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