The Dubai real estate market continues to witness steady growth despite global challenges and rising interest rates, according to a report by Mortgage Market Annual Report 2022. The report revealed key insights on real estate mortgage transactions and market growth across the UAE.
The growth in the real estate market is attributed to its unparalleled lifestyle, business friendly environment and global connectivity as well as Golden Visa and other residency options.
Real estate mortgage on the rise
The market reported a record high in 2022, however, demand for properties exceeded supply with the number of villa and apartment purchase transactions also recording an all-time high of 84,731 units, representing over a 60 percent growth.
“From our unique position as a leading mortgage originator, we continue to see growth in the number of mortgage inquiries which is a clear indicator that the market momentum remains strong. Thanks to its continued transformation, the nation continues to attract people from all over the world to relocate while also maintaining a strong appeal for expats living in the UAE to consider home ownership,” said Mohamad Kaswani, Managing Director of Mortgage Finder.
Mortgage finder observed more than a 60 percent increase in mortgage applications, an indication for the momentum to likely to continue for the coming months. Majority of mortgage takers were from industries including aviation, management consulting, financial services, real estate and information technology and services.
The youngest borrowers were recorded at the age of 24, a testament to the UAE’s growth and the role of youth in driving economic expansion across the nation.
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