The UAE’s real estate market has seen incredible growth over the past few years, with sales records being set every year.
The demand for homes has been across all segments of the market, from off-plan to secondary sales, and for budget properties to ultra-luxurious branded houses.
Home prices soared by 41 per cent in the first half of 2024, with sales once again set to beat previous years’ records, according to Bayut.
Contrary to popular opinion, the demand has not been due to cash buyers only.
Mortgages have seen growing demand, backed by competitive lending rates, low down payment requirements and a robust economy, which has ensured that defaults have been few and far apart.
In May 2024, mortgages hit a 14-month high, indicating the growing demand for home financing, according to Property Monitor.
However, getting a mortgage on time has been one of the primary reasons why property buyers often lose out on their dream home.
The typical buyer journey is such that they look for a house over a number of weeks across locations. After deciding on the home, they look to secure home financing, which can take a couple of weeks.
Home buyers who choose to do this independently have to individually approach banks for offers and manually put together all the documentation required.
But as this process goes on over a substantial period of time, the buyer discovers that the property they wanted to purchase has been sold to another customer, only because the mortgage process took too long.
That is why credible mortgage advisers recommend initiating the pre-approval process alongside the home search.
This puts prospective buyers in a stronger position when the time comes to close their property deal.
Pre-approval involves a thorough examination of a buyer's financial situation by a lender, including income, credit score, debt and assets.
This process results in a clear understanding of how much they can afford to borrow and, consequently, how much they can realistically purchase for.
For home buyers, securing their pre-approval has a number of benefits.
Visibility of financial standing
One of the primary benefits of getting a mortgage pre-approval is the financial clarity it provides. This helps buyers to focus on properties within their financial reach.
Pre-approval also eliminates surprises, by planning for various additional fees such as closing costs, government fees and home insurance.
Negotiation and competitive advantages
In a competitive real estate market like the UAE, buyers need every advantage they can get. Pre-approval equips them for that.
Real estate brokers and sellers also tend to prefer pre-approved buyers. A valid pre-approval letter from a bank signals to the seller that you are a committed buyer with the financial means to complete the purchase.
Pre-approved buyers are also in a stronger negotiating position with eager sellers and can have more flexibility on pricing and terms.
Speeds up the process
Obtaining a mortgage pre-approval can significantly speed up the home-buying process, especially with time being of the essence in real estate transactions.
Technology today has transformed how mortgages are processed, with some banks providing approval within 24 hours.
This is because paperwork has been reduced, if not completely eliminated, and the applicant’s information shared digitally.
Applicants can also make multiple mortgage applications across banks in one go. This is a complete overhaul to the traditional method of making separate applications at each bank.
With a pre-approval in hand, offers on homes can be made more quickly, which makes a large difference in a very competitive market.
Pre-approved buyers can fully focus on their home search than worry whether they will get a loan from a bank.
Finally, with much of the financial vetting already completed, the actual loan processing is a faster and smoother process.
Anoop Dhama is senior mortgage expert at Huspy
THE SPECS
Engine: six-litre W12 twin-turbo
Transmission: eight-speed dual clutch auto
Power: 626bhp
Torque: 900Nm
Price: Dh940,160 (plus VAT)
On sale: Q1 2020
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
UAE currency: the story behind the money in your pockets
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
if you go
The flights
Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning.
The trains
Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.
The hotels
Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.
Company Profile
Company name: NutriCal
Started: 2019
Founder: Soniya Ashar
Based: Dubai
Industry: Food Technology
Initial investment: Self-funded undisclosed amount
Future plan: Looking to raise fresh capital and expand in Saudi Arabia
Total Clients: Over 50
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Seemar’s top six for the Dubai World Cup Carnival:
1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition
UAE currency: the story behind the money in your pockets
SUE%20GRAY'S%20FINDINGS
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Company%20Profile
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The specs: 2018 Infiniti QX80
Price: base / as tested: Dh335,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 400hp @ 5,800rpm
Torque: 560Nm @ 4,000rpm
Fuel economy, combined: 12.1L / 100km
Dolittle
Director: Stephen Gaghan
Stars: Robert Downey Jr, Michael Sheen
One-and-a-half out of five stars
The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now
SERIES SCHEDULE
First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Cricket Stadium
August 12-16
First ODI, Rangiri Dambulla International Stadium
August 20
Second ODI, Pallekele International Cricket Stadium
August 24
Third ODI, Pallekele International Cricket Stadium
August 27
Fourth ODI, R Premadasa Stadium
August 31
Fifth ODI, R Premadasa Stadium
September 3
T20, R Premadasa Stadium
September 6
More on Quran memorisation:
Mercedes-AMG GT 63 S E Performance: the specs
Engine: 4.0-litre twin-turbo V8 plus rear-mounted electric motor
Power: 843hp at N/A rpm
Torque: 1470Nm N/A rpm
Transmission: 9-speed auto
Fuel consumption: 8.6L/100km
On sale: October to December
Price: From Dh875,000 (estimate)
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
