DAMAC Properties, a leading luxury real estate developer in the region, has partnered with Amlak Finance PJSC, a leading real estate Islamic home financing provider in the UAE, to offer its existing customers an exclusive investment opportunity. The bespoke ‘Double Your Property’ product allows existing DAMAC customers to purchase a second property through DAMAC’s completed and off-plan portfolio with zero capital to be paid up front.
Under the terms of the agreement, customers who own a fully paid-up home from DAMAC Properties are eligible to invest in a new villa or apartment from the developer and take advantage of a tailored scheme. Amlak Finance will offer a home finance of 60% of the current market value of the existing property to pay towards the new property while the remaining 40% will also be financed by Amlak.
Niall McLoughlin, Senior Vice President, DAMAC Properties, said: “We are pleased to collaborate with Amlak Finance to offer our valued customers an exclusive opportunity to grow their real estate investment portfolio further. As a leading real estate developer, our in-house mortgage team looks for ways to facilitate the purchasing of a property by offering attractive financing options with preferential terms to our customers.”
McLoughlin added: “Amlak’s ‘Double Your Property’ product allows customers who have an existing property from DAMAC to acquire a new villa or apartment from our diverse portfolio in the UAE. Residents and non-residents can take advantage of this unique offer and enjoy long-term returns in addition to the capital appreciation similar to prime international real estate markets.”
Commenting on the partnership, Arif Alharmi, Managing Director & CEO of Amlak Finance, said “We are pleased to be collaborating with DAMAC and look forward to offering our new ‘Double Your Property’ product to wider audiences. At Amlak, we are continually enhancing products and services we offer to our customers in line with current demands and we believe this new offering is well-suited for the market. Our partnership with DAMAC and product launch will further increase investment transactions in Dubai, and we look forward to positively contributing to the future growth of the real estate sector.”
Customers can receive approvals within 72 hours and take advantage of a quick and easy process with minimal documentation for both UAE residents and non-residents, as well as home finance terms of eight to ten years or more. Customers have the option to take a second home finance from Amlak to cover the remainder of the purchase price of the new property or can fund it themselves and this applies to ready and off-plan properties. Additionally, rental income from the properties can be used for finance repayments.
“DAMAC Mortgage Assist”, the developer’s dedicated one-stop-shop established in 2014, provides direct support for existing and new customers. The team acts as a liaison with mortgage providers and the sales team on the customer’s behalf to assist in closing mortgage deals.