2024 Residential Mortgage Market Report
• Navigating Growth in the UAE’s Residential Mortgage Market
The UAE’s residential mortgage market continues to show resilience and growth amid evolving economic conditions. Driven by first-time buyers, a noticeable shift in home purchase motives, and expanding financing options, 2024 marks another year of unprecedented growth for Dubai’s real estate market. Our annual mortgage market insights report will address these topics and highlight data compiled through our primary research as well as DLD records.
The UAE’s residential mortgage market continues to show resilience and growth amid evolving economic conditions. Driven by first-time buyers, a noticeable shift in home purchase motives, and expanding financing options, 2024 marks another year of unprecedented growth for Dubai’s real estate market. Our annual mortgage market insights report will address these topics and highlight data compiled through our primary research as well as DLD records.
Sustained Growth in Mortgage Uptake Outpaces Ready Transactions
Over the past three years, mortgage transactions have consistently outpaced the growth of ready sales transactions. In 2023, mortgage transactions grew by 29%, while ready sales transactions increased by 21%. Meanwhile, in 2024 mortgage transaction growth outpaced ready sales transactions by a factor of 3.5X with a 39% growth in mortgage transactions vs. 11% growth in ready sales transactions. This upward trend underscores a growing reliance on financing solutions, reflecting buyers' confidence in leveraging mortgage products to access property ownership with 50% of ready property buyers utilizing leverage in 2024 vs. 37% just two years ago!
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