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Dubai real estate market witnesses an increase in mortgage buying
Market dominated by end users as finance is readily available from banks at attractive rates
By Parag Deulgaonkar
Published Sunday, May 01, 2011
According to Will Jones, Dubai Sales & Leasing Director, Elysian Real Estate, majority of buyers and investors are showing a mixed trend of choosing to pay cash or applying for mortgages. (FILE)
The number of cash buyers in Dubai has reduced significantly as the market now driven by end users and home finance being readily available, according to experts.
?The market is now being dominated by end users rather than speculators. This is coupled with the fact that finance is now more readily available from banks at attractive rates. So I assume that the number of cash purchasers in the market has reduced,? Gregory Antioch, Head of Residential Sales, Cluttons Dubai, told Emirates 24|7.
?However, against this view, investors from trouble hit areas around the region such as Bahrain, Egypt and Syria may be wanting to take their cash out of these countries and deposit them in real estate here in Dubai.?
Faisal Baig, Director, PropSquare Real Estate, agreed that not many transactions are being done by cash buyers. ?Yes, we hardly see cash buyers in the market,? he said.
According to Will Jones, Dubai Sales & Leasing Director, Elysian Real Estate, majority of buyers and investors are showing a mixed trend of choosing to pay cash or applying for mortgages.
He, however, added that with confidence being restored slowly, cash is starting to flow in from confident investors from all over the globe, including new found interest from the Asian markets.