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Banks are Relaxing a Bit When it Comes to Mortgages

Middle East : 23 March 2010

Figures just released by the Dubai Land Department are indicating that the Mortgage Market in Dubai has increased by 75% when compared to the same period last year. Between January and March 2010 approximately $2.72 billion in new Mortgages has been registered.

In Dubai one if its well established Financial Brokerage firms has backed up these findings by saying that they are definitely seeing an increase in the number of customers making enquiries about obtaining Mortgages.

At present most of those looking at purchasing houses are Dubai residents and are mostly likely to be from the following areas, Dubai Marina, Emirates Living or Jumeirah Lake Towers.

While it is felt that this increase in those seeking finance an be somewhat attributed to the current low interest rate. This time last year the average Mortgage interest rate was approximately 8.5% whereas at present many are as low as 6.75%.

Many though also feel that many Financial Institutions have also loosened their reigns a little and are more inclined to offer Mortgage Finance now where they would have refused this time last year.

Last year loan rates to value ratios were about 70% – 75% and at present they are estimated to be 75 – 85%.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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