City Properties, the property development arm of UAE-based City Tower Real Estate, said it has launched a first-of-its-kind ultra-flexible payment plan that will revolutionise affordable home-ownership in the  UAE residential market.

The innovative Cityflex Ownership Plan was unveiled at an exclusive event yesterday in the presence of leading real estate agencies.

Under this scheme, the customers have to make a down payment of 10 per cent to book the apartment followed by five per cent of the property value every quarter until handover.

Amounting to only 40 per cent of the total property value till handover, Cityflex offers investors and end-users a variety of ultra-flexible ownership options for the balance 60 per cent payment including:
•Post-handover, interest-free payments for up to 10 years via 120 instalments or
•Property management option wherein City Properties guarantees payment of the remaining 60 per cent including service charges over a period of 10 years.

This unique and innovative option allows investors to own a property by only investing 40 per cent of the purchase price, said a top official.

"We believe the launch of the Cityflex Ownership Plan is a landmark moment in the evolution of the affordable housing segment," remarked Tauseef Khan, the chairman at City Properties.

"We are extremely pleased to receive overwhelmingly positive feedback on our innovative payment plan, and feel confident that the revolutionary Cityflex Ownership Plan will make home ownership easy and affordable," he noted.

City Properties also showcased its maiden real estate project, Al Haseen Residences, which offers buyers the opportunity to invest with the Cityflex Ownership Plan.

Located near Dubai South, the development boasts 138 units including studio, one- and two-bedroom  apartments, incorporating all modern amenities such as a swimming pool, separate gymnasiums for men and women, covered parking, central AC and a beautiful waterfall lobby entrance.

Project is likely to be completed in the first quarter of 2019.   

The Cityflex plan will offer investors and end-users customisable payment plans to match their funding capabilities including a developer-funded 10 year interest-free payment plan and a property management instalment guarantee plan.

Lauding City Properties’ plan, Lazar Jakovljevic from Better Homes, said: "It is a huge breakthrough in the UAE real estate market. In fact, it is the first time a developer has tried to cater to every member of the community seeking to own a home or invest in real estate in Dubai."

Akram Skaik from Noble Empire said: "We are confident that this plan will boost real estate sales in the UAE as it offers various payment options. Undoubtedly, it will attract a lot of investors and end-users who are looking to find affordable housing ownership solutions."

Khurram Ahmed from Al Burooj Real Estate said: "Offering a low-risk investment opportunity can be very appealing for people who have always been delaying the possibility of owning property in Dubai."

"In fact, a lot of people who have a stable job in Dubai feel that they cannot handle the financial responsibility that comes with home ownership. This is where we see the Cityflex Ownership Plan as a desirable solution to change the mindset of the salaried expatriate community in the country," he added.-TradeArabia News Service