Deyaar Development, a Dubai-based real estate company, has partnered with leading UAE banks to offer competitive financing options to its customers.

Five banks will provide flexible schemes for Deyaar projects offering up to 90 per cent financing and repayment periods of up to 25 years, the company said in a statement on Saturday.

Deyaar said that the banks offering facilities exclusively to Deyaar customers are Noor Islamic Bank, Dubai Islamic Bank, Abu Dhabi Commercial Bank, RAK Bank and Emirates Islamic Bank.

While the exact terms and conditions of the financing will vary according to the projects and the specific financing requirements, the banks will offer over 80 per cent financing, predominantly on Deyaar’s finished products.

Deyaar said in February that it would put at least a quarter of projects on hold and offer customers more flexible payment options as the financial crisis hit the UAE’s property sector.

Deyaar sees Dubai real estate sector bottoming out in the second half but will shift its focus from the UAE to emerging markets next year, and is mulling a MENA-wide property fund, its chief executive officer Markus Giebel said.

“We think the bottom will be reached in one year, faster than in any other crisis. The reason for this acceleration is government intervention,” Giebel told Arabian Business on May 16 at the World Economic Forum in Jordan.

“Today’s announcement bears testimony to Deyaar’s solid financial performance and strong fundamentals and reinforces its status as a leader in customer care and innovation,” Giebel said in the statement.

Dubai Islamic Bank is providing up to 90 per cent financing for UAE nationals, while expatriates wishing to purchase a property from Deyaar can avail up to 80 per cent financing. Noor Islamic Bank is offering up to 85 per cent financing for UAE nationals and up to 80 per cent for expatriates. ADCB will provide up to 80 per cent finance on all Deyaar projects, and RAK Bank has agreed to provide up to 80 per cent finance on select properties developed by Deyaar.

Source:Khaleej Times Online