The market grew by 68% by 2020 and by 71% by 2019.
Since the first quarter of 2021, the mortgage sector has been growing exponentially.
The first three quarters significantly exceeded the figures for the whole of 2020, according to the data from Mortgage Finder’s independent mortgage consulting (Property Finder Division).
Moreover, 83% of mortgage transactions were made by first-time buyers in the UAE market. These are new consumers and investors.
In addition to low mortgage interest rates, deposits were also reduced by 5% by 2021. For citizens of the United Arab Emirates, the deposit is now 15% of the loan, and for non-citizens — 20%. It has also contributed to the positive growth of this segment.
The effect of a democratic credit policy is visible in the example of foreign investment. The volume of such investments this year has already broken the record figures of the last 10 years.
The third quarter of 2021 produced the best figures in history from similar periods in previous years — $11.5 billion at the end of September.
In September, the Dubai market reported annual profits of $27.2 billion from all real estate transactions.
63% of the mortgage was spent on buying villas/townhouses, 35% on purchasing apartments, and 2% on acquiring land plots.
Villas are still the leaders in Jumeirah Golf Estates, Arabian Ranches, and The Springs.