Mortgages in Dubai and the Big Banks
Dubai Mortgages were once a confusing mystery to overseas property investors buying property in Dubai. Now the big banks have come to their senses and seen the light. Dubai is big business and has international banks lining up to be Dubai Mortgage providers for international buyers.
Dubai real estate has been a consistently hot real estate market for investment property in the past few years. Dubai is 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 remember the time when an overseas investor searching for a mortgage would be confronted by puzzled Dubai developers and even more confused estate agents. When an international investor did find a local bank it would be so expensive and time consuming 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 fact that Dubai mortgages are potentially very big business.
The early troubles with a Dubai mortgage all stemmed around the difficulties foreign buyers had securing the freehold on a property. Since the announcement on March 12 2006 that non United Arab Emirates nationals may be given the right to own freehold properties in some parts of Dubai, massive interest has been stirred in overseas property investors. Demand is surging and real estate is in short 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 in question the banks are finally acting. The Dubai mortgage market is set to be one of the most competitive markets in the world. The worlds investors are looking at Dubai long and hard. Investors will not tolerate being ripped off with high price mortgages.
Unlike many overseas markets most freehold property in Dubai has not bought with mortgage finance. This gives the market a huge amount of resilience. Many of the mortgage providers in Dubai will only 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 much more
So what is attracted international Banks to Dubai that's simple money and plenty of it. Dubai's population is currently 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 huge demand for property and in turn a big demand for mortgages. The large multi nationals will be moving in and with them their employees all needing a place to live.
Most of Dubai population is set to be made up from people from overseas. Dubai will be truly multi cultural multi national and that feeling is already in Dubai. Experience Dubai nightlife and you will see it is a truly multi national experience.
The future for the big banks is bright as overseas investors will feel more secure going with mortgage providers that they are familiar with.
In all mortgages in Dubai are good for the banks and are set to be good for overseas buyers investing in the new world attraction which is Dubai
Article Tags: Real Estate
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ABOUT THE AUTHOR
Nicholas Marr is a lifetime property investor and CEO of Marr International Ltd a UK based property marketing company that has offices in Dubai he is responsible for one of the worlds leading overseas property web sites at http://www.homesgofast.com/dubai/Dubai_mortgages.php