According to the Land Department, the mortgage market in Dubai has experienced dramatic growth in the past two years, with Dh20bn going towards home finance, as opposed to loans to buy commercial property.
Nearly 70 per cent of mortgages in Dubai are taken by owner-occupiers and analysts have said this number is likely to increase as more people in the middle-income segment look to buy property for their own use.
The growth in the mortgage market has been accompanied by an increase in the number of owner-occupiers or ‘end-users’ entering the secondary property market, as last year saw significant shifts from investors to end-users with many projects completing.
Aref Alharmi, CEO of Amlak, the Islamic home financing firm, said the largest growth will be in the middle-income base of home buyers who will require financing solutions over the next three to five years.
Nearly 70 per cent of mortgages in Dubai are taken by owner-occupiers and analysts have said this number is likely to increase as more people in the middle-income segment look to buy property for their own use.
The growth in the mortgage market has been accompanied by an increase in the number of owner-occupiers or ‘end-users’ entering the secondary property market, as last year saw significant shifts from investors to end-users with many projects completing.
Aref Alharmi, CEO of Amlak, the Islamic home financing firm, said the largest growth will be in the middle-income base of home buyers who will require financing solutions over the next three to five years.
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