For investment in properties, Dubai real estate sector has been consistently a hot real estate market in the past few years. It is the most populated and the second largest emirate in the UAE. This state has seen massive constructions which has attracted investors from around to world for the real estate projects.
There was a time when foreign investors were searching for a mortgage and were provoked by confused Dubai developers and real estate agents. And if a foreign investor did find a local bank then in that case the process was so much time consuming and was so expensive that the investor often gave up. But now the good news is that the real estate market is growing and several big banks started to consider that mortgage services in Dubai is a potentially big business.
Since after the announcement during the first quarter of 2006, any non-UAE national can own freehold properties in Dubai, massive interest was simulated in the foreign property investors and chartered surveyors. Suddenly the demand started to flow whereas the real estate was in short of supply and many newly planned developments were sold out in few days after the release.
The mortgage market of Dubai is agreed to be one of the most competitive markets in the world. The investors from all around the world are observing the market of Dubai since very long and they will not tolerate being frayed off with overpriced mortgages.
Unlike other foreign real estate markets, most of the freehold properties in Dubai are not bought with mortgage finance, giving the market a huge amount of flexibility. You will also notice that many of the mortgage providers in this state will only lend to non-residents of the Dubai freehold zones.
Real estate properties that are suitable for overseas buyers are usually found in these freehold zones; Dubai Marina, Jumeirah Village, The Lagoons, Jebel Ali Port, Business Bay, Dubai Land, Downtown Dubai, International City, Palm Jumeirah, Dubai Sports City, International Media Production Zone, Emirates Road, Palm Deira, Sheikh Zayed Road and many others.
So you can clearly see that international banks are attracted to Dubai because of money. The population of this state is currently more than 2.1 million and it is expected that by 2014 Dubai will be a home to about 3 million residents. The banks presume a huge demand for properties and in turn a big demand for mortgages. In future, more multi-nationals will be moving into this state and for them more space will be required.
More than eighty per cent of Dubai population consists of people who migrated from overseas. That is why it is truly multinational and multicultural; and this feeling will remain in this state. When you experience the nightlife here you will observe the true image of multinationals in this emirate. Because more investors are feeling secure going with the mortgage providers that is why the future of international banks are bright and the investors are getting more familiar with it.
Alice is an experienced real estate blogger. Here she discuss about new strategy and share information of real estate as well as home improvement.
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