Mortgages for Property in Dubai

Summary: Thank God for Barclays Bank, they are finally offering decent mortgages to buy property in Dubai

As anyone who has tried well knows, it has not been easy for non-resident purchasers, real estate investors or foreign nationals to get mortgages for property in Dubai to date.

This has been for many reasons including the fact it took a long time for the ratification of freehold rights to come to pass, local laws place restrictions on the mortgage products available and - no offence guys but - international lenders can take an awfully long time to react to opportunity within a marketplace like Dubai because there are just so many people in the decision making chain!  However, the good news is Barclays Bank have come to the table with an excellent selection of mortgages for property in Dubai.

Barclays Bank has a good reputation in the international mortgage market and they really have sought to make this market their own among all the global banking players. 

Barclays reacts more quickly, they are careful to enter the market first and get an understanding of it, of local laws and of client expectation before creating their lending products and what’s more, they are committed to opening up markets like Dubai where there is massive long term demand for property.

To date Barclays have opened up international mortgage opportunities in France, Spain, Portugal and Italy…and they have benefited from the immeasurable experience gained in these markets dealing with international buyers and brought this experience to bear on their new mortgage products and lending approach for property in Dubai.

Unfortunately we’re still waiting for confirmation from our contacts to get the direct route you need to take to access their Dubai mortgage division, but if you click here you’re redirected to Barclays Bank’s international mortgage form which you can complete with your details and ask for a call back.  You’ll then be able to directly enquire about the Dubai based property lending products currently available and as SOON as we have the direct link for you, we will update this page.

In terms of what’s available and also why Dubai makes sense as a market for Barclays to enter now…the exhaustible Dubai property bubble that saw real estate prices doubling, tripling and ultimately going through the roof in the emirate in terms of speed of appreciation has played out.  What’s left is a highly attractive, high end, stable market, where there continues to be a steady stream of supply meeting a massive stream of demand and where there are long term prospects for a buoyant and developing real estate economy.

Over 800 visas are issued every single day for people arriving in Dubai – many are on business or holiday, but a steady stream of arrivals are expatriates relocating to live and work in the emirate.  Each of these individuals requires accommodation.  Where Dubai’s population is currently in the region of 1.67 million citizens, by 2010 it is expected that Dubai will be home to 3.5 million residents.  This constitutes heavy demand on the property market and massive potential for a lender like Barclays Bank to dominate a growing and dynamic mortgage market. 

Now that property prices in Dubai have increased so substantially and it is outside the financial remit of most buyers to pay cash for a property, there is growing demand for property related finance…it is this demand Barclays will meet with its mortgages for property in demand.

In terms of financing available from the banking giants – they will offer up to 90% of the value of a residential property where that value is between GBP 67,700 and GBP 1.3 million and they will lend over 5 – 25 years.

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