0% down payment on your next property purchase in Abu Dhabi?

Abu Dhabi developers will unveil flexible payment plans with even zero per cent down payment options to book properties in the emirate during the three-day Cityscape Abu Dhabi 2015, which opens today (Tuesday).

Bloom Properties, a developer, will be offering apartments, starting Dh690,000 in its Park View project on Saadiyat’s Marina District.

Under the special promotion offer , the developer will offer units for 10 per cent down payment, followed by 1.5 per cent per month during the construction period and the balance to be paid on handover.

The project comprises two interconnected buildings – a residential and hotel apartment tower.

Manazel Real Estate, another development company, will offer villas in Al Reef 2 on a ‘zero’ per cent down payment plan. Though finer details were not available, the company also said every end-user (buyer) stands a chance to win a Mercedes S400 on the last day of the exhibition.

Al Reef 2 is a 500,000 square metre mixed-use development that includes 860 villas.

In its Q1 2015 Abu Dhabi MarketView report, CBRE, a global real estate consultancy, said that residential sales were expected to remain relatively stable in the short term despite limited new product offerings to reignite market interest.

On the rental front, it said lease rates had increased by 12 per cent in the last year. Despite this, demand has remained strong during the first quarter, particularly for two-bedroom units with average rents at Dh141,000 per annum and increasing to Dh150,000 for prime housing developments.

Average rent for three-bed units were at Dh168,500 per annum with prime projects such as St. Regis Residence fetching between Dh240,000 and Dh285,000 per annum.

CBRE expects 35,000 new residential units to hit the market over the next four years, with the focus being on investment zone areas, particularly Reem Island.

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