Dubai’s Damac arranges mortgages worth AED 600 mln

Damac Properties’ in-house mortgage department has so far helped arrange home financing worth AED 600 million for hundreds of units across the United Arab Emirates, the Dubai-listed developer said Monday.

The mortgage department at Damac helps evaluate customers’ current financial position by advising them on suitable mortgage products.

“We deal with all UAE banks and mortgage lenders on completed as well as off-plan properties,” Niall McLoughlin, senior vice-president at Damac Properties, said in a statement.

“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,” he added.

Mortgages currently comprise 55 percent of real estate sales activity in Dubai, the statement said, citing a recent report by Reidin/Global Capital Partners.

In 2012, the ratio of mortgages-to-sales activity in Dubai was below 20 percent, it added.