With UAE developers rolling out affordable housing projects, a mortgage provider is now working to deliver a home finance product for residents earning AED10,000 a month.
Abu Dhabi Finance (ADF) is in talks with some of the major UAE property developers to offer mortgage to units in 'affordable' housing projects, Emirates 24/7 reported.
“The demand for affordable housing from middle income families, particularly in Abu Dhabi, is huge. The capital is a very attractive place to live, but the cost of housing, particularly rentals, remains high and affordable housing stock for sale is relatively low,” said company Chief Executive Officer Chris Taylor.
“Equally there is currently a gap in the market in terms of viable financing for affordable housing. However, this is changing, there is a lot of new housing stock in the pipeline for the coming years representing a huge potential market for lenders,” he added.
The company will provide mortgages to residents who have a minimum income of AED10,000 per month.