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Dubai Real Estate Welcomes New Mortgage Law

Dubai Real Estate Welcomes New Mortgage Law

Dubai Real Estate Welcomes New Mortgage Law

Dubai Real Estate was a witness recently to guidelines that have been set into effect with the aim to collect specialized funds and to create alternative financing methods given through direct bank finance. According to one such guideline, the Dubai Land Department will encourage public entities to devise new means of financing home purchases.

Real Estate Investment Trusts (Reit) seem to be the buzz words that the Dubai Government is using. More Reits would reduce pressure on developers to find funds through off-plan launches often vulnerable to market situations. The Reits so far comprise of office properties for education and health care needs but are to be extended to residential spaces for greater benefits.

The Land Department issued a statement mentioning another objective to bring in more foreign investors and public listed entities. This could indicate new home financing methods other than the ones provided by banks and dedicated mortgage institutions.

While there has been no mention of any changes to loan-to-value (LTV) exposures that mortgage lenders need to maintain, buyers still have to put up 50 per cent as equity, while on ready, it would be 30 per cent. Recent reports suggest an upsurge in mortgage transactional activities in the previous 12 months considered to be the confluence of new homeowners taking advantage of mortgages, and existing homeowners refinancing their current homes.

71% of all Dubai property transactions in Q1 2018 were made through mortgages pointing towards a healthy market recovery.

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