– 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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