Key Facts:
- Borrower: British national resident in Saudi Arabia
- Security: AED 3,950,000, Dubai Villa
- Loan Amount : AED 1,950,000
- Product: 3-year Fixed
- Interest Rate: 5.22%
In this case, we were approached by a British national who holds residency in Saudi Arabia. The client’s family are based in the UAE and the client spends time between the two places.
The real estate market in Dubai has seen a surge in activity in recent times with property prices increasing and demand outstripping supply. Our clients had an opportunity to acquire the property they had been renting and needed to move quickly in order to secure the price negotiated.
Whilst non-residents can purchase property in the UAE, there are a number of limiting factors around what products are available, and typically, non-resident mortgages are priced at a premium. We were able to negotiate the interest rate so as to mirror those applicable as a resident of the UAE. We completed the transaction within two months of submitting the application.
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