Property mortgage market flourishing in Dubai

Posted on: November 27, 2006

Written by Select Property

The Dubai property mortgage market is having a booming business as it is expected to touch Dh17.5 billion by 2007. The home finance sector has seen an increase of 64% in one year from Dh7 million to Dh11.5 million.

Adel Al Shirawi, CEO of Tamweel, leading home financier in Dubai, speaking as a panel member in an event organized by Dubai Property group, said, “There are mainly three reasons for the growth of this sector, the consumers willingness to go for a longer term loan, awareness about the securitization process and increase in prices of real estate, especially at the top end”.

According to the officials, the next stage of development can next be expected in Abu Dhabi, the capital of the UAE followed by Saudi Arabia , which are still in initial period of mortgage financing.

Source: Gulf News