FINANCIAL NEWS

Low mortgage rates increase Dubai residential units’ sales

02 Apr 2012

(MENAFN) Cluttons, the real estate consultancy, said that in the January-February period, sales of residential units in Dubai grew due low mortgage rates, reported Emirates 24/7.

The company added that mortgage rates offered by lenders reached as low as 3.5 percent, moreover, banks reduced arrangement fees and accelerated the processing of applications.

On the other hand, it said that values of apartments in areas including Discovery Gardens and International City have dropped by 7.8 percent and 5.6 percent, respectively from 2011’s third quarter.

It is worth noting that in March, prices for high-end villas in Dubai grew to USD313 per square feet on average compared with USD293.95 per square feet in October 2011.

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