82% of mortgages in the UAE are from first-time buyers according to mortgage finder’s 2021 report

82% of mortgages in the UAE are from first-time buyers according to mortgage finder’s 2021 report

Highlights:

• UAE residents accounted for majority of borrowers at 94%

• 90% of Mortgage Finder borrowers opted for fixed rate mortgages

Dubai: Mortgage Finder, a tech enabled mortgage advisory service powered by Property Finder, has released the second mortgage market report detailing its own mortgage transaction data for 2021. The report covers data on property prices and final valuations, borrower demographics and interest rate trends. Compiled based on mortgage transactions overseen by Mortgage Finder throughout 2021, the report aims to empower borrowers and real estate professionals by providing insights about the UAE mortgage market.

“The mortgage industry experienced a record-breaking year in 2021 with transaction values exceeding previous highs recorded back in 2017 by 26%, according to data from the Dubai Land Department (DLD). Mortgage Finder also experienced unprecedented growth with our 2021 transactions exceeding the previous two years combined,” comments Mohamad Kaswani, Managing Director at Mortgage Finder.

Key findings within the report include:

• In March 2020 the UAE Central Bank introduced an initiative reducing down payment requirements for first-time buyers to just 20% for resident expats and 15% for UAE nationals. In 2021, 82% of Mortgage Finder borrowers were first-time buyers, indicating that this initiative has continued to have a positive effect.

• UAE