New mortgage rules 'to help boost UAE property sector'


The UAE’s banking sector has indeed played a pivotal role in helping thousands of people own their dream homes in the emirates, but a lot more can be done to catalyse the real estate sector's growth via easier mortgage solutions, said an expert.

The UAE’s banking sector has played a pivotal role in fulfilling the aspirations of thousands of people to own their ‘dream home’ in the emirates, but a lot more can be done to further catalyse the growth of the real estate sector through easier mortgage solutions, said an expert.

The real estate sector in the UAE has proved that it has been built on strong foundations. With clear regulations and guidelines, the interests of customers are being safeguarded, said Farhad Azizi, the chief executive of Azizi Developments.

"In fact, today, Dubai’s property market is maturing and gaining stability year-on-year, and the dynamism of the real estate sector could be taken into consideration by the banking sector when evaluating their mortgage terms," remarked Azizi.

"Indeed, the UAE’s banking sector has paved the way to help hundreds of thousands of people accomplish their aspirations of owning a ‘dream home’, which has fostered their sense of belonging to the nation," he stated.

Across the world, evolved and mature property markets are invariably backed by a strong home finance sector.

According to Azizi, the UAE has created robust fundamentals for the growth of both sectors through the implementation of judicious policies and laws.

Over the past years, Azizi Developments – and several other major developers – has developed its own payment plans as well as partnered with banks to ensure that customers can make their home purchases a reality with easier terms and flexible payment solutions, he added.
 
"While banks have reason to exercise due diligence, it is also important that they differentiate between true home-owners and those who purchase realty with a ‘trading’ mindset. By focusing on actual end-users and supporting them, we can bring more growth and stability to the real estate market," stated Azizi.
 
He pointed out that Azizi Developments had always strived to offer luxury housing at affordable prices so that more people could enjoy the privilege of owning their homes in the UAE and save on rentals, which otherwise take up a good part of their revenue.

"By encouraging more end-user investors, we can further fortify the real estate sector and transform it to become one of the biggest contributors to the economy," he noted.
 
For a positive growth market such as Dubai, further liberalising the terms and conditions will only help attract more end-user investors, he added.-TradeArabia News Service