Sobha Group is offering affordable housing options in the UAE, the Dubai-based real estate developer said in a statement.

“We intend to reach potential home owners who are already paying monthly rents in the range of Dh5,000 ($1,361) to Dh6,000,” said Sobha Group Vice-Chairman Ajay Rajendran.

Sobha Group has entered into talks with leading banks in the region to provide finance options with an EMI (Equated Monthly Instalment) equal to average monthly rental rates, the company said.

The group launched its first residential project Sobha Daffodil at Jumeirah Village in October. Attractive finance options saw the 178-unit project virtually sold out within weeks of its launch.

Owners and investors were able to secure their units at Sobha Daffodil with a deposit of just 10 per cent of the unit price. The payment schedule for the balance amounts is then linked to project construction. Individual home finance is also available through Abu Dhabi Commercial Bank (ADCB).

“The Dubai property market, although currently led by investors and real estate agencies, has maintained a stable growth curve helped by the influx of thousands of professionals. Our targeted approach is intended to provide greater value for money and higher customer satisfaction to those professionals actually looking to set up home in the Emirate,” Ajay Rajendran said.

Sobha plans to follow its Daffodil success with more residential developments in the Emirate, all of which will offer affordable payment options.

The Sobha Group expects to announce a regional portfolio of over Dh3.5 billion by the middle of 2008, which will include a range of commercial and residential properties at premium locations in Dubai. – TradeArabia News Service