The cost of mortgage finance keeps growing in the UAE, according to industry sources. Mohammed Al Hashimi, Chief Executive Officer of Amlak Finance, told Khaleej Times while local mortgage firms have absorbed some of the recent rate hikes, eventually any increase in global rates will be passed on to customers.
According to him, the local mortgage market will expand further when developers start delivery of residential units, which are currently under construction and get all the payments. Al Hashimi stated the UAE market was enormous and could support more players in mortgage business.
