UAE property mortgage rates may fall further

18/06/2009 - Dubai Property News
UAE property mortgage rates may fall further

Banks operating in Dubai are being called upon to reduce their mortgage interest rates further.

During a roundtable discussion at the Dubai Property Society, Charles Neil, chief executive officer of Landmark Advisory, said that rates could be brought down further to encourage more people to buy property in Dubai.

He told the panel that doing so could make a "huge difference" on property sales in the emirate.

Chris Dommett, chief executive officer the Dubai arm of John Charcol, concurred with Mr Neil, adding that a number of banks have already started reducing rates on mortgages for property for sale in Dubai.

"A drop in interest rates could have a minor impact on inflation, but inflation is less of a problem now than it was last year," he added.

The Dubai Property Society was established in 2000 and serves as a bridge between the public sector and the private Dubai property market.ADNFCR-2019-ID-19225741-ADNFCR