The Dubai property market has witnessed an unprecedented level of growth and expansion over these past few years. From its initial beginnings not much more that a decade ago, Dubai has firmly established itself as a leading global property market, with an ever increasing range of freehold property to purchase. With the free hold property markets legal framework regarding purchases by overseas buyers now very much transparent and clear, purchasing your own piece of Dubai real estate can easily become a reality. However until relatively recently there was still one last big hurdle for the market place to overcome, and that was getting a Dubai mortgage.
Previously the situation regarding a Dubai mortgage was not so positive, with finance only available via a small number of lenders and banks who offered the mortgages through various developers. However lately the situated has changed for the good. The market place has been opened up to greater competition, the result of which has been a larger number of banks offering a much broader range of financial services to those seeking a mortgage in Dubai.
Whereas initially the market place regarding Dubai mortgages was limited to two financiers, Tamweel and Amlak, who were linked to developers Nakheel and Emaar respectively. At this point in time mortgage options were therefore somewhat limited, with not so competitive rates offered, and all requiring sizable down payments to secure a mortgage. With most international banks unable to enter the market, obtaining finance was not such an appealing option to Dubai freehold property buyers.
However, as with most things in this area, it was only a matter of time before change was implemented. The legislation regarding mortgages has now undergone somewhat of a transition, with a wider range of lenders operating within Dubai. The results of which can now be seen through the large range of finance options on offer and more competitive rates available to buyers. This is especially good news for those who previously would have been stuck with renting. With rental prices within Dubai property continuing to surpass already crazy levels, the new flexible range of mortgages can allow those currently renting to invest their money in a property of their own, and therefore having something to show for their monthly outgoings.
With both local and international finance options available in the form of RakBank, Abu Dhabi Commercial Bank and HSBC, those seeking a mortgage can rest assured of being able to select a finance option that best suits their situation.
With rental prices showing no sign of slowing, and the freehold property market remaining strong, there has never been a better time to take advantage of the mortgages on offer. This is where FazWaz.ae can help. As part of our mission to be Dubai’s one stop shop with regards to everything property, not only do we help you find your ideal Dubai property, but we are also able to obtain a mortgage for you should you wish. With the success of the Dubai real estate market very much dependent on giving access to potential property buyers the funds needed to obtain their dream home, FazWaz.ae is able to ensure more and more people can obtain their required mortgage, meaning that dream home is never far away.
If you would like further information with regards to Dubai home loans then please feel free to contact us for professional advice.