UAE-based Aldar Properties has announced the launch of a new rent-to-own (RTO) scheme for a limited number of homes in its popular West Yas community overlooking the natural mangroves that surround Yas Island.

The scheme will enable customers to build up their home equity over a five-year period while paying only Dh220,000 in annual rent, said a statement from Aldar Properties.

Under this plan, 100 per cent of rent payments will be converted into equity in the villa at the end of the five-year period. Separate to the rent payments, management fees are set at Dh15,000 per year for the duration of the RTO period.

Commenting on the scheme, CEO Talal Al Dhiyebi said: "We are launching this specific rent-to-own scheme in West Yas to enable customers to build ownership in their homes over time and live in this stunning community."

"We know that there is real demand for a rent-to-own scheme at communities like West Yas, so we are delighted to respond with a product that suits the needs of our customers. The iconic Yas Island has become one of Abu Dhabi’s most exciting destinations, attracting residents, tourists and investors alike. We look forward to having more people calling it home," stated Al Dhiyebi.

West Yas features over 1,000 four- and five-bedroom villas, ranging from 488 to 580 sq m in size designed and built to the highest standards by Aldar, with customised touches to meet individual requirements.

The development offers a number of amenities and facilities including schools, mosques, sports facilities, retail centres, a community centre, and extensive landscaping and greenery in open public spaces, said the statement from the developer. Villa handovers had begun in late 2018, it added.  

Residents of West Yas benefit from close proximity to Yas Mall and the multiple leisure facilities on Yas Island including Yas Waterworld, Yas Marina Circuit, Yas Marina, Yas Links, Ferrari World Abu Dhabi, du Arena and a range of food and beverage (F&B) outlets available across the numerous hotels on the island.-TradeArabia News Service