Dubai tenants could soon spread annual rent over up to 12 months at zero interest, under a service being developed by the Dubai Land Department with a local bank. The “Rent Now, Pay Later” scheme, reported by Emarat Al Youm, is expected to launch in September.
A tenant would choose a residential property, and the participating bank would pay the landlord the full annual rent upfront. The tenant then repays the bank in instalments over up to 12 months at zero interest. Khaleej Times has the details.
Building on Flexi Rent
The service is based on DLD’s Flexi Rent initiative, launched in June, which expanded rental payment options to monthly, quarterly and semi-annual instalments. Eleven developers have partnered with DLD so far, including Wasl Properties, Deyaar, Rocky Real Estate and Dubai World Real Estate.
The pitch is cash flow, not affordability.
For many tenants in Dubai, the challenge has traditionally been one of cash flow rather than rent affordability.
Abdullah Alajaji, founder and CEO, Driven Properties
The scheme is the latest in a run of flexible-payment pushes across the UAE — fixed-price car service plans and BNPL cards included. Full details of the payment mechanism and eligibility are due when the service formally launches in September.
How does Rent Now, Pay Later work?
A tenant picks a property; the participating bank pays the landlord the full annual rent upfront; the tenant repays the bank in instalments over up to 12 months at zero interest.
When will it launch?
The service is expected to launch formally in September, when full details of the payment mechanism and eligibility are announced.
What is Flexi Rent?
The Dubai Land Department initiative launched in June that lets eligible tenants pay rent monthly, quarterly or semi-annually; 11 developers have partnered so far.
