Saturday, December 23, 2006

Promotional Offers on Mortgages increases

As per reports by Colliers International, the increase in competition in the real estate market of UAE, has led to changes in mortgage offerings. As against the loan to value (LTV) mortgage of seventy five to eighty percent on majority of developments that was being offered for the past one year, currently there are promotional offers of even up to ninety seven percent LTV mortgages with interest rates of 6.5 to 7.75 percent. The cost of construction that’s continuously on the rise coupled with a competitive market are believed to be the cause for this challenging environment.

No comments: