Dubai: real estate boom invigorates mortgage market
In light of the huge real estate expansion in Dubai, the mortgage finance sector has become a major mechanism in determining the necessary demand and liquidity in the market.
Specialists estimated at Dh 4.1billion the real estate finance loans in 2004, which represented 60% of the total real estate market in the UAE. It is estimated the house financing market to rise up to Dh 90-100 billion in the next few years. The number of banks and firms, which provide mortgage services in the UAE, currently stands at eight.