Dubai: Low-interest rates boost mortgage transactions in 2021
With property prices recovering over the last few quarters and interest at a record low, demand for a mortgage in Dubai has grown exponentially in the first three quarters of 2021, growing by 68 per cent compared to last year and 71 per cent more than 2019, according to the data revealed by Mortgage Finder on Sunday.
“Mortgage buyers should keep a close eye on developments in the US where Covid-19 stimulus from the Federal Reserve looks set to be rolled back as the economic outlook improves. We can expect interest rates to start the slow rise back from todays’ record lows at some time in 2022, so mortgage buyers would be advised to secure a deal before that happens and fix the interest rate for the next few years at least,” Betterhomes analysts said.
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