Wednesday 08, November 2017 by Jessica Combes

Al Hamra reaches out to first-time buyers with new payment plans

 

Ras Al Khaimah’s largest real estate developer, Al Hamra Group, has launched two new payment plans for its Bayti Homes community.

The first focuses on a rent-to-own scheme while the second targets potential home owners with a manageable payment plan, ideal for first time buyers.

The rent-to-own plan provides the chance to ‘try and buy’. The tenant can lease the property for up to three years, if at the end of that period, or any time during the three years the tenant decides to buy the property, 100 per cent of the rent paid is considered as down payment.

The second payment plan has been designed for those wanting to buy a Bayti property. Homeowners can move into their property after a down payment of just five per cent, starting from AED 85,000. The buyer then pays the remainder of the balance over the next five years while living in the luxury villa with no additional interest

“The new payment plans are designed to provide additional financial flexibility to aspiring home owners, avoid wasting money spent on rent and offer the chance to live in one of the most attractive locations in the UAE that would otherwise be unattainable. What we are offering are typical off plan flexible payment plans for ready-to-move-in luxury homes, in a recognised and established freehold development,” said Barry Ebrahimy, Head of Commercial, Al Hamra Real Estate Development.

Bayti is a collection of 118 spacious homes beautifully designed around the requirements and needs of families.

The three- and four-bedroom sustainable villas are close to all Al Hamra amenities including the par 72 championship golf course, the Al Hamra Marina, white sandy beaches, three recreational parks and a collection of five-star hotels including the Waldorf Astoria and soon to open Ritz Carlton Al Hamra Beach.

RAK English-speaking school is currently under construction and when completed will be just minutes’ walk from the Bayti development. The close proximity of Al Hamra Mall also offers a wide variety of entertainment options with a cinema, big brand shopping and a wealth of dining outlets.

All townhouses within the gated community, recognised for their quality build, attention to detail and the first and only residential development in the UAE to be awarded LEED for homes certification, are proving popular with homeowners. Features including nanny’s room, large outdoor patios, rooftop terraces and balconies are emphasising the space available and heightening appeal amongst prospective homeowners. Each three and four-bedroom home ranges in size from 259 to 409 square metres are available from as little as AED 500 per square foot.

“Initially, people bought units in Al Hamra as holiday homes. That soon changed when they came accustomed to the friendly and safe environment we’ve developed. When you add in the quality of the build, the financial benefits of living here, the proximity to Dubai, an airport and the free-trade zones, it becomes very clear why the development is in such hot demand,” said Ebrahimy.

According to a recent report from Propertyfinder.ae, Al Hamra Village, which is home to 99 nationalities, is the most popular community for villas for sale in the Northern Emirates, while it is second for apartments. Home prices and rental rates have remained steady in Ras Al Khaimah, particularly in Al Hamra Village, against a backdrop of declines in the rest of the country.

“Our development appeals to a variety of people, including those looking for a sound investment or end-users seeking a first-class quality of life. We see demand rising by the end of this year and further value appreciation is expected to continue. Investors looking for returns are experiencing 6 per cent to 10 per cent yields depending on property size and purchase price,” added Ebrahimy.