DUBAI, UNITED ARAB EMIRATES: Mortgage Finder has announced the launch of its Mortgage Market Annual Report 2022, sharing key insights on real estate mortgage transactions and market growth across the UAE. The third issue of the report revealed that despite a challenging global environment and rising interest rates, a stable momentum was maintained across transactions, scaling new heights for the real estate sector’s evolution in 2023 and beyond.
Amid a fast evolving housing market in the UAE, Dubai in particular continues to grow exponentially and appeal to new residents. This is due to its unparalleled lifestyle, business friendly environment, global connectivity and most recently, Golden Visa and residency laws.
The overall market continued on the successes of 2021, reaching 16,700 residential mortgage transactions in 2022 and reporting a record high volume for Dubai. New property handovers in 2022 reached 35,560 properties, growing by nearly 16% YoY.
However, demand for properties far exceeded supply, with the number of apartment and villa purchase transactions also reaching an all time high of 84,731 units representing more than a 63% growth YoY.
As we prepare this report in Jan 2023, we are seeing more than 60% increase in Mortgage Applications at Mortgage Finder, a clear indication for the momentum to continue in the coming months. Majority of borrowers worked across five industries including, airlines/aviation, management consulting, financial services, real estate and Information Technology and Services. Another major outcome outlined the changing dynamics within demand segments , as the youngest borrowers reported were aged 24. This is a testament to the UAE’s growth and the role of youth in driving economic expansion across the nation.
Mohamad Kaswani, Managing Director of Mortgage Finder said, “From our unique position as a leading mortgage originator, we continue to see growth in the number of mortgage inquiries which is a clear indicator that the market momentum remains strong. Thanks to its continued transformation, the nation continues to attract people from all over the world to relocate while also maintaining a strong appeal for expats living in the UAE to consider home ownership.”
About Mortgage Finder:
Mortgage Finder is a tech enabled, human charged, end-to-end service mortgage provider in the UAE. Mortgage Finder team empowers prospective homebuyers with best in class mortgage advisory through unbiased support and access to all banks and lending institutions.
Powered by the Property Finder Group, Mortgage Finder facilitates thousands of homebuyers every year with a myriad of tools and decades of experience in international, residential and commercial lending.
About Property Finder
A pioneering property portal in the Middle East and North Africa (MENA) region, Property Finder is on a mission to motivate and inspire consumers to get living the life they deserve. Connecting millions of property seekers with thousands of real estate professionals every day, Property Finder is a go-to place for a seamless and enriching house-hunting and finance-finding journey for both buyers and renters.
Since its inception in 2007, Property Finder has evolved into a trusted platform for developers, real estate brokers and property seekers to make informed decisions on all things real estate.
For more information, please contact: