In just 4 months from the beginning of the year the overall amount of loans issued in Dubai for property purchases reached AED 52.5 billion.
Total amount of mortgages issued for real estate purchase in Dubai during the first four months of 2019 exceeded AED52.5 billion, according to official data revealed recently by Dubai’s Department of Land and Property.
Mortgages for residential and commercial units acquisition in Dubai reached AED2.8 billion at the end of April, while mortgages for villas amounted to AED1.1 billion.
But the largest piece of the total mortgage transactions pie, valuing at over AED48.6 billion, went to land plots buyers in the January-April period of this year.
No surprise thus, that Emirati residents were among world’s most active and keenest property searchers, the HSBC latest report has revealed.
HSBC, one of the largest banking and financial services institutions in the world, said in its latest press release that the UAE continues to be number one destination for career-minded expats with more and more of them making Dubai their home. New real estate regulations issued over the last few years for property industry in Dubai powered great improvements in the sector, the HSBC report said.
The UAE residents now spend more time reading about and researching property than in nine other major markets, a new survey from HSBC has revealed.
The survey found that the UAE residents spent an average of 6.6 hours per week in search of new properties through listings websites and magazines, which means an hour and-a-half more than in the USA, the world’s second market in regard of the online and offline property requests and searchings amount.
The research surveyed the total of 11,932 people aged 21 and over in 10 markets. Of the 1,058 UAE’s residents asked, 39 percent already own a home in the country.
But, quite contradictory, one of the most reliable statistical researchers ValuStrat said that an index used by the company to track Dubai property values had displayed a 12.4 percent of annual decline over the past 12 months. Though, there’s no surprise about it, resumed the report.
"Dubai property prices softened an average 1 percent per month, but sales volumes continued to rally for the last six months, perhaps with an anticipation of a bottoming-out market. We expect this trend to continue in the short term followed by a period of stabilization and recovery," said the ValuStrat’s report.
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