Aldar becomes the first in Abu Dhabi to complete mortgage financing on an off-plan property for its customers. This achievement is a result of Abu Dhabi Real Estate Centre’s (ADREC) newly introduced framework, which empowers the financing bank to officially be named on the mortgage registration certificate before the property is handed over.
The framework offers customers a convenient solution. If they have already paid 50% of the purchase price, they can conveniently arrange a mortgage against their off-plan property. The bank will then provide the necessary funding for the remaining installments and the final handover payment.
This innovative approach provides customers with the assurance of clear and transparent financing terms in advance. It also ensures that their liquidity remains intact throughout the construction period. Moreover, it eliminates the need for customers to arrange a mortgage at the time of property handover.
By offering an alternative to traditional financing arrangements at handover, this framework expands customers’ options and gives them greater control over the rates and terms of their mortgage.
Aldar’s pioneering efforts have set a new standard for the Abu Dhabi market. They have successfully completed the first registration under the new framework, with Abu Dhabi Commercial Bank (ADCB) playing a pivotal role as the mortgage bank. This aligns with the UAE Central Bank’s regulation, which mandates that customers have paid 50% of the property price to be eligible for off-plan mortgage financing.
Ghazi Saeed Alateibi, Executive Director, Real Estate Transaction Sector, said, “The completion of this registration demonstrates ADREC’s off-plan mortgage registration service in live market use. By enabling mortgage interests in eligible off-plan real estate units to be recorded in the Initial Real Estate Register, the service strengthens transparency and provides greater clarity and protection for buyers, developers and financial institutions. The service is available on a market-wide basis to participating institutions that meet the relevant requirements, supporting a secure and well-regulated off-plan market in Abu Dhabi.”
Faisal Falaknaz, Chief Financial and Sustainability Officer, Aldar, said, “As Abu Dhabi continues to develop as a leading global business and lifestyle destination, its real estate market is growing in both appeal and sophistication. The new off-plan mortgage framework introduced by ADREC marks an important step in further enhancing the transparency and accessibility of the market. We are proud to have worked with ADREC and ADCB to complete the first transaction, translating the framework into greater financing flexibility for homebuyers, and look forward to extending this opportunity through our wider network of banking partners.”
Aldar customers can access off-plan financing through ‘Home Finance by Aldar’, an in-house mortgage advisory service that’s available to customers without any fees. This service offers a straightforward way to explore various financing options from a wide range of participating banks, helping customers find the most suitable solution for their needs.
Hence then, the article about aldar completes abu dhabi s first off plan property in abu dhabi under adrec s new framework was published today ( ) and is available on ME CONSTRUCTION NEWS ( United Arab Emirates ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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