"Cities" and"Abu Dhabi Islamic Bank" They launch the first financing mechanism to purchase residential units off-plan in Abu Dhabi
Abu Dhabi, 9 July / WAM / “Modon” and “Abu Dhabi Islamic Bank” signed a memorandum of understanding to launch the first financing mechanism of its kind in the Emirate of Abu Dhabi to purchase residential units off-plan, allowing qualified buyers to obtain financing of up to 75% of the value of the off-plan property, covering the stages of project development from construction to delivery.
The agreement represents an important milestone in the development of the real estate market in the Emirate of Abu Dhabi, as it provides qualified buyers with a new mechanism to invest exclusively in future “Modon” projects in the emirate, and enables them to purchase residential units in the early stages of project development within a more easy and smooth ownership experience. The financing mechanism also provides a financing plan that extends throughout the stages of project development, which enhances the flexibility of ownership and supports the growth of the real estate market in the emirate.
Under the cooperation, investors and individuals will be able to purchase off-plan residential units according to a payment plan that includes paying 15% during the construction phase, and an additional 5% to 10% upon delivery of the unit, while Abu Dhabi Islamic Bank will finance a percentage of up to 75% of the value of the off-plan property during the construction phase, according to the customer’s eligibility, allowing customers to benefit from the necessary financing support throughout the stages of ownership.
Bill O’Regan, CEO of Modon Holding Group, stressed that Abu Dhabi continues to consolidate its position as one of the most prominent global destinations for investment and long-term growth, driven by an ambitious vision and an integrated economic system that enhances the demand for new real estate projects. He stressed that the financing solution for purchasing off-plan real estate projects offered by “Modon” in cooperation with “Abu Dhabi Islamic Bank” allows a wider segment of buyers to benefit from these projects, which reflects the ongoing positive transformation in the real estate sector, supports its global competitiveness, and contributes to creating… The necessary ingredients to achieve sustainable growth and enhance investor confidence, thus consolidating Abu Dhabi’s position as a leading destination for real estate investment in the long term.
Mohammed Abdel Bari, CEO of Abu Dhabi Islamic Bank Group, pointed out that the real estate sector in Abu Dhabi continues to attract strong demand from investors and buyers, which requires developing financing solutions to keep pace with this rapid growth.
Ibrahim Al-Mughrabi, CEO of Modon Properties, stressed that the partnership with Abu Dhabi Islamic Bank represents an important step towards developing the concept of financing off-plan real estate purchases by providing an innovative financing solution that establishes a new standard in the market, opens broader horizons for buyers, and contributes to facilitating access to future “Modon” projects, expanding ownership opportunities for qualified buyers, and enhancing ease of entry into the real estate market, in a way that supports the growth of the real estate sector and enhances Abu Dhabi’s position as a leading global destination for living and investment.
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