Learn more about new special mortgage lending offers for expatriates in Dubai: 50 per cent of housing cost covered, with the mortgage term over 25 years. The emirate’s developers and banks welcome foreign investors and home buyers contemplating long-term living in the UAE.
According to latest statistics released by the Ministry of Economy of the UAE, the average annual income for expatriate families in the UAE is about AED200,000. This means it’s quite difficult to buy a family house, with property prices ranging between AED600,000 to AED800,000 anywhere in Dubai. Therefore, many long-term home buyers in the UAE are increasingly looking for the off-plan apartments with a handover time of two or three years, or a mid-market offerings in existing affordable communities.
But how one can afford buying a home with this price levels? The answer, as always, is simple: it is mortgage lending, which is becoming more affordable for expatriates in Dubai. Researches reveal that six out of 10 searches for villa communities are usually in the affordable bracket. For example, people are looking for prices that are less than AED1,000 per square foot in Dubailand as one of the most popular Dubai master developments. Akoya Oxygen, Mira, Reem, and The Villa were the top searched villa communities in Dubai, in addition to more established upmarket communities such as Arabian Ranches and The Springs. And the rise of the mid-market property segment indicates a shift from a predominantly cash-based investor market to one of mortgaged end-users.
What do expatriates need to get a mortgage loan in Dubai?
Many banks and developers today are trying to simplify the procedure for issuing mortgage loans for off-plan housing with minimum paperwork reduced to a basic set. You will need to provide only 3 types of documents:
- Scanned application
- 3 months bank statements
- Full passport copy
The biggest change that will manifest itself in the real estate market in the near future is that users are going to see products which will be changed to cater to demand. As a result, we are going to see more affordable property, and more attractive payment plans around the off plan market.
And this means that such offers as a 50 per cent maximum lending at the lowest imagined interest rates with up to 25 year mortgage term will become common for expats.
"The development of the Dubai real estate sector is expected to be at least fairly stable in the coming years," said Khalid Bin Kalban, managing director of Dubai Investments. The UAE is considered the most "safe economic and social heaven" of the region, and together with all the benefits it provides, it is not surprising that many people strive to live and work here. Additionally, the "Expo 2020" effect has already started to manifest itself, creating more job and investment opportunities in the region.
Please, feel free to ask any questions you have about mortgage loans for expatriates in Dubai. To get a comprehensive answer contact IMEX Real Estate experts by phone or email. We will pick up for you the best off-plan or ready housing offer available via mortgage payment with a maximum lending period at the lowest interest rate.