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Mortgages in Dubai are in increasing demand

Mortgages in Dubai are in increasing demand

According to Mortgage Finder, mortgage lending in the third quarter of this year became the most popular. Low-interest rates and increased demand for real estate in Dubai have contributed to an increase in transactions. The number of credit transactions in the first nine months has already exceeded last year’s results. According to the director of the consulting agency Warren Philliskirk, such a purchase scheme makes housing affordable on all budgets. The last quarter of the year is promising.

With the start of Expo 2020, more than 400,000 tourists have already visited the emirate. The increased influx of foreigners who may become potential investors encourages sales in Dubai. Last year, the Central Bank decided to reduce the requirements for the initial payment. Now for foreigners, it is 20% of the total amount, rather than 25%, as previously. As a result, 83% of all transactions were entered into by real estate investors in Dubai for the first time. September broke all sales records with the total value of transactions of more than AED 100 billion.

In percentage terms, the leading positions of mortgage sales belong to villas and townhouses. They account for 63% of transactions. 35% are apartments, and the remaining 2% are land development.

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