Dubai property rates slashed

10/08/2011 - Dubai Property News Posted by Neil King
Dubai property rates slashed

Property investors in the Middle East could be among those interested in the current state of the home loan market in Dubai.According to a recent report on arabianbusiness.com, the emirate's lenders are increasingly slashing their mortgage rates, making home ownership in the area more affordable.The news provider cited French engineer Philippe Bakhos as one of those benefiting from the current market.After renting for three years, the engineer decided that loan rates were too good to turn down."With property prices and interest rates so low, it makes sense to buy. With the money I'm spending in rent each month, I can make repayments on a mortgage," he commented.According to the publication, both international and local banks are introducing reduced mortgage rates in a bid to make home owing a more attractive option for expatriates living in Dubai.Buying property in the area could also prove a safer option after local lawyers recently lifted the lid on a rental scam which saw unsuspecting renters conned out of thousands of dirhams.