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October 13, 2016 | 10:10 | Dubai
Consumers in the UAE appear to agree with the current real estate market sentiment that now is good time to buy property, according to statistics from compareit4me.com, the Middle East’s leading finance comparison site. Using data from its mortgage comparison platform, compareit4me can reveal that there was an 119.5% increase in the number of people searching for mortgages in the third quarter of 2016, compared to the same period in 2015. This indicates a great willingness among UAE consumers to take on finance in order to take advantage of a buyer-friendly property market.
According to a recent study from Core Savills, over half of Dubai’s tenants are looking to buy their own residence in the future. Of these, the report said, 62% were leaning towards buying to own, rather than buying to let. What’s more, more than half said they were looking to purchase property over the next 12 months. That same report added that buyers are being deterred by difficulties when it comes to securing finance on homes. That could explain the enormous growth in mortgage searches at compareit4me.com.