Interest rates on home loans in Dubai have strike an all-time record low as mortgages' applications for actual estate are on the rise, UAE every day journal Gulf News reported.
Average interests for home loans now float between 3.75 and 5% per annum, a large tumble from the 8% fascination in 2008 and 2009, the inform said.
"Mortgage rates are at their lowest levels given expatriates proposed shopping properties in the UAE," Jean-Luc Desbois, Managing Director, Home Matters, was quoted as adage by Gulf News.
"We regard these rates could tumble serve next year, creation it unequivocally popular for future skill buyers to take loans in the UAE," she added.
According to the report, the low rates have speedy buyers to request for more mortgages.
"We are seeking at 700 to 800 new housing loan registrations a month that is flourishing month-on-month," Sam Wani, General Manager, Independent Finance was quoted as adage by Gulf News.