Monday, May 15, 2006

UAE mortgage market witnessing unprecedented growth


The UAE’s mortgage market is witnessing an unprecedented growth; it is expected to surge 50% from Dh8 billion to Dh12 billion, according to statistics from Tamweel, a leading home financier in the country. Analysts attribute the increase to investor confidence sparked by recent property laws issued in Dubai and Abu Dhabi.
Adel Al Shirawi, Chief Executive Officer of Tamweel, says that with the property law giving a major boost to the real estate sector, Tamweel and other players in the market see widening scope to offer more mortgage products to suit a range of buyers. At present, 70 percent of the mortgage market is being shared by the two major players, including Tamweel, he clarified.

The finance sector is experiencing an explosive growth as more players including several leading banks join the fray. Announcing the sale of apartments under a “lease to own scheme”, which, Tamweel claims to result in 30 percent cheaper lease payment compared to current market rental, Al Shirawi said although the property law at its present form has some grey areas, it has brought in a lot more legal clarity in ownership and registration, facilitating easy access to finance for all nationalities.

As per the new scheme launched by Tamweel, buyers can utilize the advantages of ‘on the spot finance approval’ which is final mortgage approval at the time of buying the property.

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