DAMAC Properties In-house Mortgage Department Facilitates Home Financing Worth AED 600 Million

Real Estate

DAMAC Properties In-house Mortgage Department Facilitates Home Financing Worth AED 600 Million

DAMAC Properties, a leading luxury realty designer in the region, today announced that its in-house loan division has actually up until now facilitated home funding worth AED 600 million for hundreds of units throughout the UAE.

DAMAC Properties is the only luxury programmer in the Middle East that flaunts a committed in-house home mortgage division, a one-stop- shop established in 2014 to provide straight support for existing and new customers. This is done by reviewing customers' existing monetary setting and recommending them on the most ideal home loan products that meet their monetary have to get a brand-new home or fund their existing portfolio.

Niall McLoughlin, Senior Vice President, DAMAC Properties, stated: "As a leading real estate developer, we handle the obligation of supplying mortgage advisory solutions in order to use eye-catching financing alternatives to our customers. We handle all UAE banks and home loan providers on completed along with off-plan properties. From communicating with financial institutions and the sales team on their part to obtain and review the bank proposals, to helping in shutting the home mortgage bargains, consisting of the facilitation of all mortgage-related tasks and documents, we take satisfaction in shutting the loop on our business transactions with our customers through this unique service."

A recent record by Reidin/Global Capital Allies found that home loans presently consist of 55 percent of property sales task in Dubai, greater than folding the past seven years. The searching for suggests a developing market in the emirate and a trend that is not far off, in terms of mortgage task, from those of markets such as the United States or UK, where home loans make up 60-70% of realty deals. In 2012, the ratio of mortgages-to- sales task in Dubai was below 20 percent.

Additionally, unlike the previous trend of home loans being offered for jobs by government-backed developers, 2016 disclosed a paradigm shift in the direction of even more personal developer projects accounting for home loan task than those of sovereign-backed industry peers, showing an increasing determination of financial institutions to offer to private market developments in addition to self-confidence amongst buyers to purchase a home from a private developer.

DAMAC Properties' in-house mortgage division supplies live and free help to customers by answering all their home loan and banking-related queries, and trains the sales force to give different mortgage solutions to the clients, permitting them to maximise or reorganize their investment portfolio. Furthermore, the department improves the business procedure internally and externally with financial institutions and Dubai Land Division to make sure all purchases are signed up effectively in conformity with the regulations.

Together with banks, DAMAC Properties arranges joint mortgage events to present packed product offerings that combine properties with appropriate home loan solutions, giving customers with instant authorizations that establish their eligibility to mortgage loan.

" Our tie-up with mortgage lenders to help with mortgage not only provides special terms for end-users and off-plan buyers from resident as well as non-resident clients, however is additionally a booster for the UAE residential or commercial property market, where newbie millennial purchasers that are employed have ample opportunity to jump on the residential or commercial property ladder," McLoughlin wrapped up.