Expectations of a new increase with the launch of the "World Cup" .. and Dubai acquires the lion's share

15% growth in mortgage applications in the UAE during the third quarter

• Currently, financing rates, whether “Islamic” or “conventional”, are around 3.49% decreasing.

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• Ahmed Arafat: "Real estate prices in Dubai, and their advantages, are a strong investment opportunity."

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Two bankers said that real estate financing applications are witnessing a growth between 10 and 15% during the third quarter of this year, compared to the second quarter of the same year, especially in the Emirate of Dubai, which currently accounts for the largest share of applications, thanks to the new projects that have been launched, and the approaching launch of The World Cup events in Qatar, stressing that the current financing prices, whether “Islamic” or “traditional”, revolve around 3.49% decreasing.

They explained to "Emirates Today", that the high demand for real estate, during the "Expo 2020 Dubai" exhibition, has continued without decline so far, thanks to the advantages offered by Dubai, with regard to visitor visas, tourism and residence, which has revived the travel movement a lot, in addition to what has been done. Finally, the announcement of Dubai's choice to host a large number of fans and teams participating in the World Cup.

In detail, the expert in real estate finance, Ahmed Arafat, said, "There is a great demand for buying and owning real estate at the level of the Emirates, but Dubai has the largest share in view of the projects that were launched, finally, and helped in the continued growth of demand after (Expo 2020 Dubai)," Which recorded a record high in the purchase of real estate in Dubai.

Arafat added that "the third quarter of this year is witnessing a growth of between 10 and 15% in financing requests, while the price of financing or profit revolves around a decreasing rate of 3.49%."

He added, "It is expected that demand will continue to grow and real estate sales will rise in all the Emirates, especially Dubai, after the start of the World Cup in Qatar, where a large number of fans from all over the world are expected to come to Dubai, as well as the participating teams. Dubai and its development will surprise many of them,” noting that “real estate prices in Dubai, and its advantages, are a strong investment opportunity, compared to other countries. Buying a studio costs an average of 100,000 dollars, while the price of a villa is about 250 thousand dollars, which is a figure It is very acceptable to many around the world.”

For her part, the banking expert, Sheikha Al-Ali, said that “the rise in the main interest rates reduced the volume of demand for a short period, and then the supply increased thanks to the projects that were announced, especially in Dubai and Abu Dhabi, which contributed to a somewhat calming of prices, and raised The demand for it again, and this led to the growth of financing requests by 10 to 15% during the current quarter.”

Al-Ali added: “Buying real estate in the UAE is not just an investment, but an integrated life, services, recreational and tourism features and a long stay, and all this makes the demand grow, and the demand for financing continues.”

She pointed out that "stability, security, seriousness of laws and their protection of private capital, are all factors that make the UAE and Dubai at the forefront of real estate investment destinations around the world."

She pointed out that “the increase in interest rates may be for one additional time in the coming months, and will not have a significant impact on demand growth, in light of the high number of arrivals to the country, to attend the World Cup matches, and the attendant increase in tourism and travel, and to see the volume of development.” The massive one that attracts more investors and those wishing to reside in the UAE,” noting that “currently interest rates on real estate loans revolve around 3.49%, decreasing.”

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