financing your property

There is a wide range of options available to you as you consider how to finance your purchase. Many buyers in Dubai pay cash, which is often recommended, although not always practical. It is important to weigh up what works best for you.

Mortgages can be difficult to obtain in Dubai. Non-status or self-certification mortgages are not available and the amount of paperwork and bureaucracy involved can be off-putting for some buyers.

Dubai lenders do not take into consideration any projected rental income from the property. The amount that can be borrowed is based on net (not gross) income. Mortgage repayments, combined with any other monthly expenses, must not exceed 35 per cent of net monthly income.

As Dubai comes out of the recession, more lenders are becoming prepared to offer increasingly greater finance. Indeed, many banks are offering 60 to 70 per cent financing on completed projects. We can introduce you to the right bank or lender to suit your circumstances.

If you are buying from overseas, exchange control can be a complex subject, so it is advisable to obtain appropriate professional advice before deciding to take out a mortgage in a foreign currency.