DAMAC Properties and ADCB Sign Mortgage Facilities Deal
50% Mortgage on Off-Plan Properties in AKOYA by DAMAC; Convenient Arrangement for Residents and Investors
Investors in Dubai’s off-plan real estate market can capitalise on attractive mortgages thanks to a newly signed agreement between leading luxury real estate developer, DAMAC Properties and Abu Dhabi Commercial Bank (ADCB), one of the top tier banks in the United Arab Emirates.
Clients looking to buy properties in the 42 million sq ft golf community, AKOYA by DAMAC, will be able to benefit from an off plan, 50% mortgage on rates as low as 3.99%.
The mortgage facility from ADCB allows buyers to enjoy convenient payment plans of up to 25 years. The offered mortgage will begin after the payment of the first half of the total value of the property and is calculated based on a 3.99% fixed interest rate for the first year per AED one million and based on campaign rates after the first year, reaching up to 25 years.
“This new agreement will give the opportunity to a large number of home seekers to purchase a high value property in one of Dubai’s leading master developments,” said Managing Director of DAMAC Properties, Ziad El Chaar. “Buyers looking to own their own home in a luxury development will now be able to do so, with a secure finance facility from one of the most trusted banks in the region.”
Abdul Shakeel, Head of Retail Banking at ADCB said: “This newly launched mortgage facility is a golden opportunity for those who are planning to own their homes.” Shakeel adds that “ADCB is committed to offering its clients desirable and innovative products that are practical and affordable, and this falls within the bank’s mission to build partnership with our customers that lasts a lifetime.”
AKOYA by DAMAC, which is set around the Trump International Golf Club, Dubai, was named the ‘Best Golf Development in the World’, by the International Property Awards in 2013. The development includes 4.3 million sq ft of private parkland, with luxury branded villas by FENDI, Paramount and Trump providing a new level of luxury living.
The master development is a fully-integrated lifestyle community which will include international schools, a boutique hotel and spa.
A wide variety of villas and apartments have already been made available in AKOYA by DAMAC, including The Trump Estates, FENDI villas, DAMAC villas by Paramount, Golf Veduta, Brookfield, Queens Meadow, Silver Springs and Whitefield, which all have views of the course.