Before we talk about how to go about looking for a mortgage in Dubai, here’s some Dubai mortgage industry background.
About 15 years ago the UAE took the plunge and began to offer mortgages but only through 2 or 3 lenders. These days were easier and people wanted to buy and Dubai was booming. It was and still is a tax free economy. Stories of expats mortgaging themselves in their home country to enable them to make a property purchase in Dubai were commonplace and of course although none of us saw it coming, things were to become fraught with difficulties when the credit challenge knocked on everyone’s door.
‘Flipping’ was easy to calculate and easy to do and purchasers were seeing substantial returns when they sold their investment property a month or two later and sometimes only a week or two later.
The Dubai Mortgage Market – A Few Years Ago
What made the boom, was partly due to the buoyancy of the international marketplace but what put the icing on the cake was that in 2002 it was announced that the property ownership rules in Dubai would change – these were legalized in 2006. The Dubai brand was being built by international marketers and design agencies, simply adding to the frenzy.
Many viewed Dubai as a luxurious getaway with an easy 6 to 8 hour flight from most European countries. One of the favorite areas for expats purchasing properties was in Dubai Marina where the first of the 6 Emaar Towers was completed in 2003. Emaar is recognized as one of the quality developers in Dubai. Dredging of the large 3km long manmade canal began in 1998.
The new property ownership rules in Dubai allowed 100% freehold and leasehold ownership for UAE expatriates in designated areas throughout the UAE. These new rules became the massive catalyst to the Dubai real estate mortgage market.
The Dubai Mortgage Market – Today
Today the Dubai real estate mortgage market has grown to over 50 lenders offering more than 150 different mortgage products. These mortgage products vary greatly in regards to their terms and conditions, products features and limitations, and unless a borrower has the knowledge, experience and time to identify the most suitable product for their circumstances most borrowers would be wise to seek the advice of a professional mortgage consultant. When it comes to researching the market and identifying the best mortgage product for your requirements. This should be the remit of an experienced and qualified Independent Mortgage Consultant who can save time, money and stress when it comes to what can be the largest single purchase a client will make in their lifetime.
Looking for a Mortgage in Dubai?
Want to have a quick, no obligation chat with an expert? Just contact a member of 21st Century Property who will be more than happy to assist.Our expert advice covers refinance, equity release, non-resident purchases, off plan and commercial property purchase.Contact your 21st Century agent who can assist and guide you through the minefield of mortgage products while saving you time, money and stress”
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