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
----------------------------------------------------
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
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