Dubai, United Arab Emirates-Wednesday 14 November 2018 [ AETOS Wire ]
Indeed, the UAE’s banking sector has paved the way to help hundreds of thousands of people accomplish their aspirations of owning a ‘dream home’, which has fostered their sense of belonging to the nation. Across the world, evolved and mature property markets are invariably backed by a strong home finance sector. The UAE has created robust fundamentals for the growth of both sectors through the implementation of judicious policies and laws.
Farhad Azizi, CEO of Azizi Developments said: “While this contribution of the banks is truly commendable, we believe that a lot more can be done to further catalyse the growth of the real estate sector through easier mortgage solutions.”
Over the past years, Azizi Developments – and several other major developers – has developed its own payment plans as well as partnered with banks to ensure that customers can make their home purchases a reality with easier terms and flexible payment solutions.
Mr. Azizi added: “While banks have reason to exercise due diligence, it is also important that they differentiate between true home-owners and those who purchase realty with a ‘trading’ mindset. By focusing on actual end-users and supporting them, we can bring more growth and stability to the real estate market.”
“We have always strived to offer luxury housing at affordable prices so that more people can enjoy the privilege of owning their homes in the UAE and save on rentals, which otherwise take up a good part of their revenue. By encouraging more end-user investors, we can further fortify the real estate sector and transform it to become one of the biggest contributors to the economy,” he added.
The UAE’s real estate sector has proved that it has been built on strong foundations. With clear regulations and guidelines, the interests of customers are being safeguarded. In fact, today, Dubai’s property market is maturing and gaining stability year-on-year, and the dynamism of the real estate sector could be taken into consideration by the banking sector when evaluating their mortgage terms. For a positive growth market such as Dubai, further liberalising the terms and conditions will only help attract more end-user investors.