Amlak Finance, the UAE's first mortgage company saw exponential growth in its customer base and in demand for its mortgage products, posting 800 percent growth both in the number of home loans granted and in the total loan amount dispersed in 2002, compared with last year.
As more people invest in the sector and take up mortgages as a means to financing their plans there has been an increase in levels of disposable income. This has allowed real estate investors to support a host of ancillary industries who are benefiting from the boom. For example, companies that sell home appliances and furniture are being supported by new home owners, which in turn is having an extremely positive effect on the country's economy.
The property boom is helping to support a range of sub-contracted ‘cottage' industries who are supplying their skills and services to each real estate development project in the country. Companies of painters, decorators, bricklayers, plumbers, electricians, architects, landscape gardeners and interior designers are just some of the industries that have benefited from the development of the real estate industry. With further plans for the development of real estate in the country over the next 10-15 years, these industries and others can look forward to sustained success.
Established in October 2000, Amlak Finance is the first financial services company in the region to specialize in the provision of mortgages. This company is a totally new concept to the Gulf, as the foremost method of purchasing residential property, providing a financial tool for bringing home ownership in Dubai.
The company is majority owned by Emaar Properties, which was founded as a public company in 1997 with the ambitious goal of becoming the region's leader in property development and management of both commercial and residential property. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
