Property News: Buying

Dubai resident Nilesh Jain switched his mortgage provider last year after realising he was paying 2.5 per cent more than the prevalent market rate for home loans in the UAE. He was paying a hefty 6 per cent interest rate to Dubai Islamic Bank for his mortgage, compared with the average market rate of about 3.5 per cent in 2020.

The Indian expat had originally taken out a Dh2.25 million mortgage for his Arabian Ranches villa from Tamweel in 2007. In … Read more ›

Dubai and Abu Dhabi rose in a global ranking of the most transparent real estate markets in the Middle East and North Africa (Mena) on the back of new government initiatives, according to the consultancy JLL.

Dubai, the commercial and trading hub of the Middle East, jumped three spots to 36 to maintain its position as the most transparent market in the Middle East, while Abu Dhabi moved up to 48, becoming one of the top performers globally due to sustainability … Read more ›

Buying a home is a huge financial commitment. For the majority of people in the UAE who wish to buy a property here, it’s often challenging to save for the down payment. However, the reduction of the loan-to-value ratio for first-time homebuyers this year by the Central Bank of the UAE has simplified the process for aspiring property owners.

In March, the central bank issued a decree allowing UAE banks to increase the LTV for first homebuyers by 5 per cent … Read more ›

Despite a downward trend in property prices, sentiments in Dubai’s real estate sector are high owing to the recent developments in UAE-Israel relationships and pent-up demand over the last few months leading to an uptick in sales. The historic UAE-Israel peace deal was signed in Washington yesterday and this will play a positive role in attracting investments in real estate, say industry experts.

Andrew Cummings, co-founder and managing director of luxuryproperty.com says both the UAE and Israel share many synergies. The … Read more ›

Payment of rents by credit cards is the latest incentive being offered to cash-strapped customers by a leading Abu Dhabi property developer subsequent to its rent-to-own scheme.

Aldar Properties said on Monday its customers would be given an option to pay their rent by credit card starting from August 17.

The developer said the offer is in line with the company’s “ongoing efforts to offer convenient and flexible payment solutions”.

“Residents will initially be able to pay their rent by credit card in … Read more ›

Aldar Properties, Abu Dhabi’s biggest listed developer, reported a 2 per cent jump in its second-quarter net profit as the company recorded higher revenue, despite restrictions to contain the spread of Covid-19.

Net profit attributable to owners of the company for the three months ending June 30 rose to Dh484 million, the company said in a statement to Abu Dhabi Securities Exchange where its shares trade. Revenue climbed 21 per cent to Dh2 billion during the period driven by “robust demand for its … Read more ›