Dubai tenants turn into homeowners; mortgage purchases up after COVID-19 lockdown

Dubai tenants turn into homeowners; mortgage purchases up after COVID-19 lockdown

"Other contributing factors include current low interest rates, reduced loan-to-value, reduced fees and attractive property prices,“ Colliers said in its report released on Sunday.Property transactions in Dubai have been on the rise despite the overall economic slowdown caused by the coronavirus pandemic. Industry sources said that buying a home has become a more attractive proposition for both investors and buyers, as prices have gone down.Bigger private spaceThe stay-at-home trend has also fuelled demand for residential units with ample space, as well as those with swimming pools and gardens.During the third quarter of the year, close to 9,000 property transactions worth 18.4 billion UAE dirhams ($5.01 billion) were recorded in Dubai, according to Data Finder, the real estate insights and data platform under the Property Finder Group. Transactions in September were