October 2006

Pre-approved home financing from developer

In a ground breaking package, the Ilyas & Mustafa Galadari Group (IMGG) have agreed to finance 50% of the purchase price on any Wadi Walk apartment subject to minimum paperwork. This means that should a client not be able to obtain financing through a bank, they will still be able repay their outstanding debt over a period of 7 years.

The payment schedule for Wadi Walk comprises AED 5,000 on booking, 5% within 10 days, 5% within the following 30 days and 5% every 3 months until completion which will be in the final quarter of 2008. The outstanding 50% will then be payable but can be refinanced through IMGG with monthly repayments over 7 years at the then prevailing equivalent mortgage interest rate.

According to Mustafa Galadari, Vice Chairman and Managing Director of Ilyas & Mustafa Galadari Group, “We are delighted to offer to Wadi Walk purchasers an innovative payment solution unique in the ever growing property market in Dubai.. Recognizing that a ‘one size fits all’ financing programme does not suit everybody, we have devised a refinancing package especially aimed at people who want to make their home at in Wadi Walk”. He added, “As developer’s we want to build a long term relationship with our city inhabitants and believe any value added package we offer has to help our clients.”

City of Arabia, one of the region’s largest private projects, and a key development in Dubailand, falls within one of the newly designated areas in Dubai where expatriates can now enjoy freehold ownership. The government has identified 23 areas and 45 plots, including the whole of Dubailand, following the March property law which legalised freehold ownership of land and property in the UAE for GCC nationals as well as non GCC citizens is specific areas. The announcement has brought an increased sense of confidence to the real estate sector as a whole and makes the purchase of residential property within City of Arabia an even more attractive proposition.