This latest initiative includes competitive new mortgages in sterling, euros, US$ and UAE Dirham, local accounts and English speaking support teams on-the-ground in Dubai.
This will help investors looking for property in the second largest Emirate, especially as off-plan apartments are still available for under £100,000.
Over 100,000 Britons have bought in Dubai since 2002 and population and tourist numbers are set to triple by 2010. Indeed an average 800 new Dubai work and residency visas currently being issued every day and an estimated 300,000 apartments set to come onto the market in the next four years.
Richard Exton, director of Barclays Buying Abroad, said: “There has been a real growth of late in the number of multinational businesses opening Dubai offices as the Emirate responds to double digit growth in its economy over the last five years. We are therefore seeing a shift from people looking for luxury holiday or retirement homes to those looking to live and work in the UAE. That is adding to the market dynamic and we have seen a major boost in enquiries which convinced us that people are looking for a lot more support to help them through the process out there.”
Barclays only works with Government approved property developers including Emaar, Nakheel, Dubai Properties and Seven Tides.
Mortgages feature:
- Borrow up to 90 per cent of the market value of the new property
- Loan period from 5 to 25 years
- Minimum value of loan approximately £67,700; maximum value approximately £1.3 million (figures vary according to prevailing exchange rate)
- Available in a range of currencies - UAE Dirham, sterling, euros, US dollars
- Available for completed or off-plan properties – residential or buy to let
