Dubai mortgages – Discussing the issues
It has only been since March 2006 that the Dubai government introduced a property law allowing foreign ownership of properties in the emirate. Since its introduction the chance to obtain a Dubai mortgage for a property has been readily taken by many UK residents looking to be a part of the next property ‘hot spot’.
It’s no wonder Dubai has become very popular as an area of investment. Not only does it virtually guarantee year-long sunshine, it also has a rich cultural history, historical background and is at the forefront of the ‘anything is possible’ attitude. This is epitomised in its ‘The World’ building project, which consists of a series of man-made artificial islands in the azure waters of the Arabian Gulf that are shaped to represent the world. As is stated on the development website, it is “an engineering odyssey to create an island paradise of sea, sand and sky”.
Dubai is located along the southern coast of the Persian Gulf and is the most populous city of the United Arab Emirates (UAE). It has a hot climate with temperatures regularly above 40 Celsius and very little rain. Its population is approximately 1.2 million with about 80% made up of foreigners. Previous to the 2006 property law, if a foreigner wanted to purchase a property in Dubai they would have to purchase indirectly through developers.
If you are thinking about purchasing a property in Dubai, whether for a holiday home, rental property or a move abroad, the expert overseas mortgage specialists at Conti can help you arrange finance for a Dubai mortgage. They will guide you through the process and will arrange your mortgage with a Dubai-based lender.
You can contact the Dubai mortgage experts at Conti by telephoning +44 (0) 1273 772811 or completing the online enquiry form.
0800 970 0985