Abu Dhabi, April 17 (IANS/WAM) An island resort in the United Arab Emirates (UAE) has come up with a residential complex where people will be able to rent an apartment for three years, and at the end of the lease period choose an option to own it.
The Tourism Development and Investment Company (TDIC) launched the lease-to-own payment programme for the exclusive apartments at The Residences at The St. Regis Saadiyat Island Resort.
Under the three-year rent plan, prospective homeowners will pay an annual rent which will be a fixed one from the start of the agreement.
If the tenant decides to buy the property at the end of the plan, 100 percent of the first year's rent, 90 percent of the second year's rent and 80 percent of the third year's rent will go towards the down-payment of the property.
The three-year lease-to-own plan includes benefits such as no exit penalty as well as the option to sub-lease the property for the duration of the plan.
The rent starts from 86,000 dirhams (around $23,400). The apartments are also available for direct sale.
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