Barclays launches Dubai mortgage

Barclays Bank has launched mortgages in Dubai specifically aimed at capturing the growing overseas property market for investors.

As the property market booms, investors can now obtain a buy-to-let, owner-occupier or off-plan mortgage and get an approval within 24 hours.

Such is the international appeal of Dubai, the mortgages are available in local dirhams, pounds sterling, euros or dollars and the bank boasts that it is the first in the emirate to do so.

"Dubai is an attractive, fast growing market in which Barclays wishes to grow," added David Roberts, chief executive of the Barclays' international retail and commercial banking operations.

While open to UAE residents, overseas investors can also take advantage of the deal as a new law last month eased restrictions on foreign ownership, encouraging even more foreigners buy property in Dubai.

Such is British investment in the region that it has evidently encouraged a British bank to develop its market there and others are likely to follow.

With yields as high as 7.5 per cent and property springing up everywhere, the ease of getting a mortgage is likely to encourage even more foreigners to join existing investors in buying property in Dubai.


Barclays Mortgages in Dubai

03/05/2006

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