With demand far outstripping supply, buying property in Dubai is indeed an attractive prospect for investors with enough money to buy in. Unfortunately, financing within this coastal country has traditionally been quite difficult for foreign buyers to attain. All of that is changing, as Dubai prepares for an anticipated population explosion that should double its 1.3 million populace by the year 2010.
In this article we’ll take a look at recent developments that make buying property in Dubai more feasible. We’ll also explore some of the reasons why many investors believe Dubai is a very hot prospect and show you how buying property in Dubai is set to become even easier thanks to new mortgages from Barclays.
In the past, obtaining mortgages for buying property in Dubai was nearly impossible. With few foreign banks offering deals and no mortgages available from local banking institutions, buyers had to provide the financing on their own. With Barclay’s Bank now offering its services and John Charcol stepping up to the plate to offer UK buyers loans in Dubai, the landscape has changed. The National Bank of Dubai has entered into an exclusive deal with John Charcol that enables UK citizens to set up mortgages in dirhams that are secured by the property and processed according to UK regulations. This is a very attractive prospect for British buyers who want to ensure their financing follows processes they understand, whilst taking advantage of local currency. Barclays also offers a similar arrangement and they can add on the benefit of having a local English speaking representative in Dubai – for more information about Dubai mortgages from Barclays click here.
What this means for British buyers is nothing but good news. It is now quite simply easier for Brits to access to the potential Dubai has to offer. With rental yield estimates falling in between 10% and 15% and already high prices expected to climb even higher as the expatriate community bulges with growth, the potential here remains incredibly high. Investors are purchasing not only for fast returns, but also buy-to-let potential and for their own permanent residences.
Whilst the cost of buying is high and the cost of living isn’t as low as in some eastern European countries for example, the pulls of Dubai are many for investors, holidaymakers and expats. The country’s strong stance on development has made it an attractive playground for immigrants from all over the world. In fact, some estimates show that about 80% of the Dubai population figures come from foreign residents. This number will climb with the anticipated growth.
With its incredible Persian Gulf coastline, fast-developing resorts and promises of more infrastructure and recreational developments to come, this country is quickly turning into the playground of the world. Indeed immigrants here come from all over the planet. Whilst Dubai is quite popular with Europeans and Americans, it is also a favourite destination for African and Asian immigrants as well.
The Dubai property market is showing no signs of slowing down at any time in the near future. With access to mortgages becoming much easier for British buyers, this country of opportunity is drawing even more attention as of late.
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