Mortgage market in Dubai is 'restrictive'
www.moneynews.co.uk > Mortgages > Mortgage market in Dubai is 'restrictive'
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Money News |
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Mortgage market in Dubai is 'restrictive'
Wed 26th Aug 2009
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Nick Marr, chief executive officer of Homesgofast.com, noted that it was a tough time to be "upbeat" about the industry since the mortgage application process is more restrictive in the region, particularly to non-residents.
He commented mortgages are only available on a limited number of properties, since the property system in Dubai involves developers applying for mortgage options on the residences they build.
"There is a lot of red tape involved in developers assigning mortgages to their products, so fewer developers are starting the process," he said.
Mr Marr explained that mortgages are not available on all developments and interest rates for non-residents are often less competitive as well.
However, the Dubai Land Department reported this month that mortgage lending for July was higher than the previous three months' totals put together.
Click here for more mortgage news
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