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Damac, Amlak launch 'Double Your Property'.

Dubai-based real estate developer Damac Properties has tied up with Islamic mortgage finance firm Amlak Finance to allow property developer's existing customers to purchase a second property its completed and off-plan portfolio with zero capital to be paid up front.

Under the agreement, customers who own a fully paid-up home from Damac 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 per cent of the current market value of the existing property to pay towards the new property while remaining 40 per cent will also be financed by Amlak. Niall McLoughlin, senior vice-president, Damac, said: "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 offer and enjoy long-term returns in addition to the capital appreciation similar to prime international real estate markets."

Arif Alharmi, managing director and CEO of Amlak Finance, said the partnership and the product launch would further increase investment transactions in Dubai. - waheedabbas@khaleejtimes.com

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Publication:Khaleej Times (Dubai, United Arab Emirates)
Geographic Code:7UNIT
Date:Jul 19, 2017
Words:210
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