Dubai mortgage queries rise

Mortgage enquiries have significantly increased this year across all income brackets compared with the previous year, according to figures from, a finance comparison site.

Those in the Dh8,000-Dh19,999 monthly income bracket showed the most significant growth, with enquiries increasing threefold in March and April, when compared with the average number of enquiries of the previous 22 months. The Dh12,000-Dh14,999 income bracket saw growth of 240 per cent in March and 260 per cent in April, while the Dh15,000-Dh19,999 income bracket showed an increase of 96 per cent in March and 150 per cent in April.

The surge in availability of more affordable housing projects seems to have activated pockets of residents, who were previously confined to renting,” said Jon Richards, CEO of Compareit4me. com. “I believe this could explain the spikes we have seen in mortgage enquiries from mid-level salary earners as these new projects are opening the door to them being able to step onto the UAE’s property ladder.”

Jessica Horie, Senior Director at Prestige Real Estate, observes that there are more buyers in the market now than in the beginning of the year. “I would say this is due to the general consensus that we are at the lowest level of pricing and that the market will soon recover and prices of property will start to increase again.”

Michael Cullen, Director of Sales and Leasing at Sloanes Real Estate  Brokers, confirms the rise in buyer enquires sinceMarch. “Tenants are taking advantage of more relaxed mortgage products and extended payment plans by developers.”

Source: Property Weekly


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