Mortgages in Dubai and the Big Banks
Dubai real estate has been a consistently hot real estate market for investment property in the past few years. Dubai is probably the most populated and second largest Emirate in the United Arab Emirates. It has seen enormous construction and has attracted investors worldwide to its real estates projects.
I recall enough time when an international investor trying to find a mortgage would be confronted by puzzled Dubai developers and even more confused estate agents. When an international investor did find a nearby bank it would be so expensive and time intensive the buyer often gave up. The good news is that the Dubai real estate market is maturing and the big banks have woken up to the truth that Dubai mortgages are potentially very big business.
Early troubles with a Dubai mortgage all stemmed around the difficulties foreign buyers had securing the freehold on a property. Because the announcement on March 12 2006 that non United Arab Emirates nationals may get the best to own freehold properties in a few elements of Dubai, massive interest has been stirred in overseas property investors. Demand is surging and real estate is simply speaking supply many off plan developments sell out in days of release.
Now with laws passed and established zones in Dubai where freehold ownership is not under consideration the banks are finally acting. The Dubai mortgage market is defined to be one of the most competitive markets in the world. The worlds investors are looking at Dubai long and hard. Investors won't tolerate being cheated with high price mortgages.
Unlike many overseas markets most freehold property in Dubai has not bought with Dubai property finance. This provides the market a huge amount of resilience. Lots of the mortgage providers in Dubai is only going to lend to non residents in the Dubai freehold zones.
Properties for sale that are suitable for foreign buyers are in the following freehold zones: Dubai Sports City , Dubai Marina , I.M.P.Z. International Media Production Zone , Jumeirah Village , The Palm Jumeirah, Shaikh Zayed Road, International City, The Lagoons, Palm Deira, Jebel Ali Airport, Emirates Road, Dubai Land ,Business Bay ,Downtown Dubai and far more
So what is attracted international Banks to Dubai that's simple money and a lot of it. Dubai's population happens to be in the region of 1.4 million citizens, by 2010 it is expected that Dubai will be home to 3.5 million residents. The Banks anticipate a massive demand for property and subsequently a large demand for mortgages. The large multi nationals will be moving in and using them their workers all needing a destination for a live.
Nearly all of Dubai population is defined to be composed from people from overseas. Dubai will be truly multi cultural multi national and that feeling has already been in Dubai. Experience Dubai nightlife and you will dsicover it is just a truly multi national experience.
The future for the big banks is bright as overseas investors will feel more secure using mortgage providers that they are familiar with.
In most mortgages in Dubai are great for the banks and are set to be advantageous to overseas buyers purchasing the new world attraction that is Dubai.