Saturday, June 16, 2007

Projected growth in Home Finance

The UAE's home finance sector has grown in line with the country's real estate market in the past three years, with current outstanding housing loans standing at Dh11.5 billion, according to a recent study by EFG-Hermes. The Egyptian investment bank estimates that the UAE housing finance sector will grow by Dh14bn in 2007, Dh18bn in 2008 and 2009, Dh14bn in 2010 and Dh17bn in 2011, based on an expected population compound annual growth rate of about three per cent.

Amlak and Tamweel are by far the dominant forces in the Emirates home finance market, accounting for 35 and 25 per cent of the industry, respectively.

EFG-Hermes predicts total growth in real estate projects will be more than Dh419bn between now and 2011 and says that of those, Dh64bn will be funded through credit.

The UAE's home finance sector has grown in line with the country's real estate market in the past three years, with current outstanding housing loans standing at Dh11.5 billion, according to a recent study by EFG-Hermes. The Egyptian investment bank estimates that the UAE housing finance sector will grow by Dh14bn in 2007, Dh18bn in 2008 and 2009, Dh14bn in 2010 and Dh17bn in 2011, based on an expected population compound annual growth rate of about three per cent. Amlak and Tamweel are by far the dominant forces in the Emirates home finance market, accounting for 35 and 25 per cent of the industry, respectively. EFG-Hermes predicts total growth in real estate projects will be more than Dh419bn between now and 2011 and says that of those, Dh64bn will be funded through credit.

2 comments:

My World said...

I find your blog very interesting. Ive been looking through the internet to find out how exactly the mortgage system works in Dubai.As someone who wants to get a mortgage to buy a property in Dubai. Is it true that the Dubai Mortgage is based on Islamic rules of no interest but other fees? Can you help me get this info please?

dubai-rob said...

I work in Duabai as a mortgage broker for John Charcol. We do have Islamic loans but we also have mortgage programs like the UK and US. Although the selection is small I can help you obtain information you are looking for.
(T) +971.4.329.7011
chico-rob@hotmail.com

Robert