Developers waive-off 30 percent payment before re-sale of units
Thursday, November 27, 2008
Emaar Properties has waived off the clause of paying 30 percent of the total property value before sale of their units in the markets.
According to the Chief Executive of Blu Realty International, Amr Soliman, the restriction of 30 percent payment of total property value before sale of units, no longer exists. Yet, another realty agent is also said to have waived off the clause.
The transfer and sale of off-plan properties was so far permitted only after the 30 percent of total property value had been paid, and no transfer was permitted until the payment was done. According to Emaar, this move was adopted to ensure that the investors and end-users purchasing their properties are genuine.
Early this month, Emaar launched two more payment schemes. One of the schemes permitted property payments for more than five years after handover. Another allowed potential investors to rent a property before they take a decision on whether to purchase it or not. This was done to offer investors with more options and revive property sales.
Property developer, Union Properties, however, has not announced any change, but, has stated that the company will not permit buyers to re-sell their units until they have paid atleast 20 percent of their property value.
On the other hand, Deyaar Development Company, revealed that the company has never insisted on any percentage payment before permitting resale, rather, it emphasizes on certain amount of down payment only.
According to the Chief Executive of Blu Realty International, Amr Soliman, the restriction of 30 percent payment of total property value before sale of units, no longer exists. Yet, another realty agent is also said to have waived off the clause.
The transfer and sale of off-plan properties was so far permitted only after the 30 percent of total property value had been paid, and no transfer was permitted until the payment was done. According to Emaar, this move was adopted to ensure that the investors and end-users purchasing their properties are genuine.
Early this month, Emaar launched two more payment schemes. One of the schemes permitted property payments for more than five years after handover. Another allowed potential investors to rent a property before they take a decision on whether to purchase it or not. This was done to offer investors with more options and revive property sales.
Property developer, Union Properties, however, has not announced any change, but, has stated that the company will not permit buyers to re-sell their units until they have paid atleast 20 percent of their property value.
On the other hand, Deyaar Development Company, revealed that the company has never insisted on any percentage payment before permitting resale, rather, it emphasizes on certain amount of down payment only.
Labels: Off-plan, Real Estate News
