– Dubai's property market continues to thrive, reaching a significant milestone in mortgage transactions. Mortgage volumes surged to a 14-month high in May, reflecting the robust demand for property despite relatively high interest rates in the UAE.

Mortgage transactions soared by 57.9% in May, totaling 3,359 loans, making it the second-highest month for mortgage activity, only behind March 2023. Data from the Dubai Land Department highlights the ongoing strength and resilience of Dubai’s property market.

Adham Younis, Group CEO of D&B Properties, commented on this trend: "Dubai’s mortgage sector is experiencing substantial growth, with May reaching a 14-month peak in mortgage activity, marking the second-highest month on record. It is an excellent opportunity for buyers to capitalize on the low rates. Even if some banks slightly adjust their rates, others are likely to reduce theirs, maintaining these favorable conditions for a while. We anticipate continued growth in mortgage activity in the coming months."

The May report also revealed that mortgage buyers are predominantly younger individuals who prefer vibrant areas with active social scenes. Popular locations include Downtown Dubai, Jumeirah Village Circle (JVC), Dubai Marina, Jumeirah Lake Towers (JLT), and Jumeirah Beach Residence (JBR).

For villas, the top choices are The Springs, Arabian Ranches, Town Square, Al Furjan, and Reem. Younis added, “We are seeing a notable trend of more buyers opting for suburban areas that might not have been their first choice a few years ago. These areas often offer more affordability compared to similarly sized properties in the city center.”

As Dubai's property market continues to display robust growth, favorable conditions for mortgage buyers are expected to persist, driving further activity in the coming months.

 

About D&B Properties:

D&B Properties is a leading real estate company in Dubai, offering a wide range of services including residential sales, leasing, and property management. With a team of experienced professionals, D&B Properties is dedicated to providing clients with exceptional service and expertise in the Dubai property market.


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