Majority of home loan borrowers in Dubai in 2020 were end-users

Majority of home loan borrowers in Dubai in 2020 were end-users

Around 83 per cent of people in Dubai who took out a mortgage in 2020 planned to live in the property, according to a new report by mortgage consultancy Mortgage Finder.

Covid-19-related travel restrictions also meant UAE residents accounted for 97 per cent of mortgage transactions in 2020.

“We anticipate that as travel restrictions ease and Covid-19 vaccine programmes are rolled out globally, we will see non-resident borrowers re-enter the market in the final quarters of 2021,” Brendan Kennelly, senior mortgage consultant at Mortgage Finder, said. “Investors from the GCC and Europe, particularly the UK, are often keen to invest in the UAE.”