The Dubai Property Market

Dubai is one of the pinnacles of luxury and extravagance, and naturally, there is property to match. Real estate can easily cost several millions of pounds. At the top end of the scale, property can set you back as much as £20 million.

Villas and contemporary homes are prominent, especially on the Palm Jumeirah, in the Emirates Hills and other popular expat areas. There is lots to choose from wherever you want to buy: waterfront property is abundant, as are luxury penthouses in some of Dubai’s most iconic neighbourhoods. Branded developments are increasingly coming onto the market, too. Depending on the size of your property, you will find pools and outside space is the norm. High-end appliances, bespoke finishes, access to on-property gyms and spas and private beaches will also come as standard in many properties. Dubai also offers lots of options to buy homes fully furnished, should you wish.

Unregulated mortgages – often referred to as investment property loans – are for properties that will not be used as your home but that you let on the open market to fee-paying tenants.

You may wish to buy a property in London as a holiday home, investment, for friends and family or for other reasons. Some lenders will still view this as a regulated mortgage. However, other lenders offer an unregulated mortgage if you are a non-UK resident, a high-net-worth individual and you will only use the property occasionally. If so, you will likely be able to bypass the usual income, expenditure and affordability process and have a mortgage based on loan-to-value, your net worth or your profile.

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Property Ownership in Dubai

There are few restrictions on property ownership in Dubai, provided you purchase in certain "freehold" areas. Freehold areas are designated regions where any non-Emirati citizen (Dubai resident or not) can buy property.

While limiting the areas non-Emirati citizens can own property might seem to restrict foreign investment, the size and scope of Dubai mean that there is a substantial choice of properties. Dubai is well-known for its attractive schemes to entice foreign investment, and you will find that you are spoilt for choice regarding locations for your residence.

Why Get a Mortgage for a Dubai Property?

In Dubai’s middle market, there is a trend for paying cash for properties. However, if you are making a high-value property purchase – and Dubai has a lot to offer in this part of the market – then a mortgage will make a lot of sense. 

Mortgages can be used to ensure you maintain liquidity and don’t have to liquidate assets to free up capital to buy property.

Whatever property you are purchasing in Dubai, Enness will hand-build a finance package around your needs. You can expect a mortgage vehicle that’s built to meet all your requirements. Enness will also be able to identify and bring forward the details, assets and particulars of your situation that will help lenders offer the most competitive mortgage, no matter the cost of your property.  

Dubai Property Finance

When it comes to Dubai mortgages, if you can, it makes sense to get in principle offers from lenders before you start your search. Enness can cater to any client from any location and with any background. However, these details will affect which lenders are best able to cater to you and what kind of mortgage vehicle will give you the most flexibility and the best terms and rates.

At the top end of the Dubai property market, niche lenders and private banks offer some of the best mortgage rates. When it comes to getting a mortgage in Dubai, Enness will start by understanding what you want from your real estate finance: which interest repayment rates, relationships and terms will be most beneficial to you.

Your broker will then look at your background and situation to see which elements will be most appealing to lenders and how to present these in the best light. Your background can affect how your broker will approach lenders: sometimes, it may make sense to negotiate with specialist lenders in your home country. Other times, international private banks will offer the most competitive rates.

While getting in principle offers in advance of purchasing Dubai property is generally advisable, you may have already found a property you wish to buy before you have secured offers from lenders. If this should be the case, your broker will be able to move quickly to negotiate and secure competitive mortgage rates that will allow you to move forward with the transaction.

Mortgages in Dubai with Enness

Local lenders do offer mortgages for Dubai, but these are generally best for middle-market purchases. Some of Dubai’s retail banks may struggle to give you the most competitive rates if you are making a high-value purchase or if you are a non-resident with global income and assets, which often requires a slightly different approach when it comes to structuring lending. When buying high-value property in Dubai, a custom financing arrangement is likely to be your best option, given it can be constructed to meet your needs and situation.

Enness has a local team based in Dubai as well as a well-connected team based in several jurisdictions. Most importantly, your broker will be able to utilise your worldwide assets and your cash flow to minimise interest rates and deliver the best deal to you.

With access to more than 500 lenders, your broker will be able to approach any lender that offers Dubai property finance on your behalf. Whether you are looking at a relatively traditional mortgage arrangement or one involving overseas assets, trusts and companies, Enness will structure the deal around you and your needs.

Contact Enness for Dubai Mortgages

Contact Enness for Dubai Mortgages

Working with Enness, you will benefit from a made-to-measure mortgage in Dubai. Your broker will structure your mortgage in a way that keeps your costs low and utilises the best elements of your finances to secure the most competitive deal. Your broker will go straight to the source of the best Dubai property finance providers – be that with international private banks or alternative lenders.

Call Enness today for a no-obligation chat about how to get a mortgage in Dubai and the different ways Enness can help you with property finance in the city.

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