HomeMiddle EastDamac says mortgage unit seals $163m of deals

Damac says mortgage unit seals $163m of deals

Damac Properties has announced that its in-house mortgage department has so far facilitated home financing worth AED600 million ($163 million) for hundreds of units across the UAE. 

Damac Properties said in a statement that it is the only luxury developer in the Middle East that has a dedicated one-stop-shop to provide direct support for existing and new customers.

The developer said this is done by evaluating customers’ current financial position and advising them on the most suitable mortgage products that fulfil their financial needs to buy a new property or finance their existing portfolio. 

Niall McLoughlin, senior vice resident, Damac Properties, said: “We deal with all UAE banks and mortgage lenders on completed as well as off-plan properties.

“From liaising with banks and the sales team on their behalf to obtain and review the bank proposals, to assisting in closing the mortgage deals, including the facilitation of all mortgage-related activities and correspondences, we take pride in closing the loop on our business dealings with our customers through this unique service.”

A recent report by Reidin/Global Capital Partners found that mortgages currently comprise 55 percent of real estate sales activity in Dubai, more than doubling over the past seven years. In 2012, the ratio of mortgages-to-sales activity in Dubai was below 20 percent.

In cooperation with banks, Damac Properties said it organises joint mortgage events to present bundled product offerings that combine properties with suitable mortgage solutions.

“Our tie-up with mortgage lenders to facilitate home loans not only offers preferential terms for end-users and off-plan buyers from resident as well as non-resident clients, but is also a booster for the UAE property market, where first-time millennial buyers who are salaried have ample opportunity to jump on the property ladder,” McLoughlin added.

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