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Cash buyers dominate Dubai property market

Date : (News Section: United Arab Emirates)

Cash buyers dominate Dubai property market
Cash was the preferred financing method for real estate deals in Dubai during the first quarter of 2012.

According to data released by the Dubai Land Department, property worth 8.4 billion United Arab Emirate (UAE) dirhams (£1.47 billion) was snapped up by cash buyers in the first three months of this year.

By contrast, just 1.99 billion UAE dirhams worth of assets were purchased using mortgages. This is despite many lenders in the emirate reducing their rates.

Financial institutions are also offering higher loan-to-values on Dubai property purchases than previously, which is expected to boost demand among domestic investors.

Earlier this month, Elaine Jones, chief executive officer at Asteco, said the number of owner-occupiers in Dubai had increased in the first half of this year "in line with improved finance options offered by banks", concluding this trend is set to continue.

She also predicted there will be an influx of overseas buyers, particularly those from Europe, who are looking to avoid the instability caused by the eurozone crisis.

Article by +Peter Mindenhall on behalf of

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