Mortgage Finder processed home loans for buyers from more than 60 different countries in 2021, with nationals from Australia, France, India, South Africa, and the UK being in the majority.
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The emirate’s mortgage market has seen significant changes in the past few years, making it more accessible and attractive
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There were more than 570 transactions per week on average in June and the secondary property market in Dubai has recovered to pre-coronavirus levels.
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Dubai’s real estate listings and mortgage aggregators has seen new trends and positive signs in the market over the past few weeks.
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The slower pace will ensure there will not be a flood of new homes delivered without buyers.
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The average loan size decreased from Dh 1.67m in May 2018 to Dh 1.31m in the same period this year
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The series of landmark policy changes this year are creating unprecedented opportunities for expat property investors
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Relaxing loan to value ratios will make property ownership within the reach of many.
For the UAE’s real estate sector, any change to the current status quo on mortgages will be welcome … more so if the proposed law makes it easier for potential end users to come in.
In particular, they are hopeful that new rules will raise the mortgage limit available on off-plan and ready properties. Currently, they are capped at 50- and 70 per cent respectively.
As per the directive, the Dubai Land Department has been tasked with framing the new law on home financing.
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It is possible to obtain a Maxof 75% Loan to Value (LTV)
The banks that will lend 75% to a Non-Resident require that the property must have a Title Deed rather than just a Building Completion Certificate (BCC) and Oqood Certificate.
The Title Deed is only issued once the property is fully paid for and the process will take at least a month once the property is completed and the keys are handed over, but it can take even longer so not a reliable time frame.
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