Mortgage Finder UAE reveals stable momentum in transactions despite challenges in 2022

Mortgage Finder UAE reveals stable momentum in transactions despite challenges in 2022

DUBAI, UNITED ARAB EMIRATES: Mortgage Finder has announced the launch of its Mortgage Market Annual Report 2022, sharing key insights on real estate mortgage transactions and market growth across the UAE. The third issue of the report revealed that despite a challenging global environment and rising interest rates, a stable momentum was maintained across transactions, scaling new heights for the real estate sector’s evolution in 2023 and beyond.

Amid a fast evolving housing market in the UAE, Dubai in particular continues to grow exponentially and appeal to new residents. This is due to its unparalleled lifestyle, business friendly environment, global connectivity and most recently, Golden Visa and residency laws.

The overall market continued on the successes of 2021, reaching 16,700 residential mortgage transactions in 2022[1] and reporting a record high volume for Dubai. New property handovers in 2022 reached 35,560 properties, growing by nearly 16% YoY.

However, demand for properties far exceeded supply, with the number of apartment and villa purchase transactions also reaching an all time high of 84,731 units representing more than a 63% growth YoY[2].

As we prepare this report in Jan 2023, we are seeing more than 60% increase in Mortgage Applications at Mortgage Finder, a clear indication for the