Mortgage Finder UAE Reveals Stable Momentum in Transactions Despite Challenges in 2022
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.”
Download the full report here