Property lending up in UAE

Things could be looking up for the battered and bruised property market in the UAE, a new survey has suggested.

According to the latest figures released by the Dubai Land Department, the emirate has experienced a massive 75 per cent increase in property lending, compared to the same period of 2009 - suggesting that buyer confidence may be returning.

The news is further backed up by Khadija Ebrahim, a mortgage advisor at the Independent Finance brokerage in Dubai, who believes that banks have begun to relax their terms to help attract new customers.

In addition, her brokerage company has witnesses a growth in inquiries for mortgage finance in recent times.

This could be just the news that the property market in the UAE is looking for after experiencing a crash thanks to the global financial crisis last year, as it seeks to tempt wealthy property investors back.

One of the leading developers in the region, Deyaar, recently stated that the market in the emirate has already reached the bottom and will begin to show signs of recovery during 2011.

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