Obtaining a mortgage in the UAE

Property finance is available to those in Dubai and Abu Dhabi whether you’re an expat with a residence visa or a UAE national. Obtaining a mortgage in the UAE is a fairly simple process, there are a number of lenders who will assess your individual circumstances and will offer you a mortgage that suits your needs.

The property market in Dubai is at its lowest due to the worldwide financial crisis, this is a fantastic time for investors and those looking for a place to live.

The property market in Dubai can’t fully recover without buyers and most buyers require finance to help them buy a property, this is actually great news for buyers because banks in Dubai know that they need to make mortgages affordable to encourage lending which should keep rates low.

There are numerous banks offering mortgages; they are split between international lenders, such as HSBC, Barclays, Lloyds and Standard Chartered, and domestic banks and finance companies, such as Amlak, Tamweel and Dubai Bank.

Those looking for a mortgage can obtain a buy-to-let, owner-occupier or off-plan mortgage and approval can often be exceptionally quick compared to the other parts of the world.

As with any other financial commitment, it’s important to make sure you don’t over stretch yourself and over commit, it is after all the UAE and failure to meet credit agreements is not handled the same way as maybe Europe or the US.