Annual rents in Dubai are usually paid in two, four or six instalments via post-dated cheques
business4 hours ago
New regional market research studies have revealed that the growing consumer confidence in the property market combined with a stabilising economy are expected to trigger demand for mortgages in the UAE.
Figures from a new YouGov survey, commissioned ahead of the 10th edition of Cityscape Abu Dhabi, show that 58% of UAE consumers choose mortgages and finance payments when considering current and future property investment.
This preference mirrors borrower confidence in the market as 42% of the survey respondents expect it to remain stable and 40% forecast its growth in the coming 12 months.
The findings suggest that lenders could benefit from loosening the lending restrictions in a bid to attract prospective investors, as regional and international developers prepare for Cityscape Abu Dhabi the UAE capital's leading property event, running from 12-14 April at the Abu Dhabi National Exhibition Centre.
YouGov's MENASA Managing Director, Kailash Nagdev said: "Our study indicates that consumers are confident in the future of the real estate market in Abu Dhabi, with most (82%) believing that real estate prices will stabilize or grow in the next 12 months.
"It also shows, however, that consumers are being cautiously optimistic about their intention to invest so it will be important for the industry to provide wider access to market intelligence to re-enforce the investment opportunities that lie ahead.
"As developers continue to attract investments through deferred payment plans, the ability to fund investments through mortgage or finance deals still remains a major driving factor for consumers."
Meanwhile, the new Ventures ONSITE study from March this year confirms the GCC real estate market is likely to remain resilient and register robust growth by the end of 2016 and beyond, despite the recent fluctuating in oil price. With upcoming projects leading Abu Dhabi Vision 2030, such as the US$ 1 billion Louvre Abu Dhabi in the heart of the Saadiyat Cultural District, real estate and wider business activity is expected to be rejuvenated.
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