jcraiggibson
Hi,
I'm moving to Dubai in July and will be looking for a 1 bedroom apartment, probably in Dubai Marina.
Anyway, as we all know the rental rates are ridiculous so i'd consider buying if it was feasible. However, can anyone tell me what kind of deposit mortgage lenders ask for in Dubai? Also, since I'll be opening a new bank account in the UAE, do the mortgage lenders want any prolonged evidence of income before they'd consider lending you a mortgage - ie will i be waiting for a year before i could get mortgage approval?
I'd appreciate any advice anyone could offer
bonk
Mortgages up to 100% of original price (usually much lower than purchase price) are possible but maybe only off-plan, 80% to 90% is more common. Some banks will do mortgages on current valuation, but not to 100% I think. You'll need a salaried job and residence visa, or couple of years of accounts if running a business. Some information here :-
MaaaD
you will be able to get 70% of market price from Amlak they will treat you as a non-resident. to get 90% you need to be here for 3 years at least.