Aldar Properties will launch a new rent to own scheme for some homes in on its Yas Island community in Abu Dhabi.

The scheme will be available to some of the companies’ customers on West Yas, which has more than 1,000 four and five-bedroom villas, ranging from 488 to 580 square metres in size.

The scheme will allow customers to build up their home equity over a five-year period while paying only AED 220,000 in annual rent.

Additionally, 100 per cent of rent payments will be converted into equity in the villa at the end of the five-year period.

Separate to the rent payments, management fees are set at AED15,000 per year for the duration of the rent to own period.

Aldar Properties chief executive Talal Al Dhiyebi said: "We are launching this specific rent to own scheme in West Yas to enable customers to build ownership in their homes over time and live in this stunning community.

“We know that there is real demand for a rent to own scheme at communities like West Yas, so we are delighted to respond with a product that suits the needs of our customers. The iconic Yas Island has become one of Abu Dhabi's most exciting destinations, attracting residents, tourists and investors alike.

“We look forward to having more people calling it home."

West Yas is located nearby the Yas Mall, Yas Waterworld, Yas Marina Circuit and Ferrari World Abu Dhabi.

It is also includes amenities such as two schools, three mosques, sporting facilities and retail centres.

Handover of the villas started in 2018.

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