Bank lending helping Dubai property recovery

14/04/2011 - Dubai Property News Posted by Bob Brunskill
Bank lending helping Dubai property recovery

Greater access to finance for investors is contributing to a recovery in the Dubai property market, the latest report has revealed.Cluttons has claimed that transaction levels have climbed so far this year in both January and February on the back of improved lending from banks.According to the real estate specialists, Barclays, Standard Chartered and Gulf Finance continue to fight for market share and are offering very competitive terms to a wide range of credit-worthy clients.Indeed, in addition to offering mortgage rates for as low as 4.99 per cent, many financial institutions are cutting arrangement fees and reducing timescales to process approvals.Furthermore, the report claims that there are a number of other positive signs which point to a market recovery.Cheaper building costs have allowed developers in the region to resume a number of projects which were put on hold following the market crash.Meanwhile, property management firm Asteco recently published its results from the first quarter of the year, which revealed that the property market in Dubai is showing signs of stabilisation.