The new mortgage range will be available in four different currencies (UAE dirhams, pounds sterling, Euro and US dollars) and will be approved within 24 hours. Barclays will be the first mortgage provider in Dubai to offer customers a number of currency options and quick mortgage approval.
David Roberts, board member of Barclays PLC and chief executive of the bank’s International Retail and Commercial Banking operations, said: “Barclays has clearly stated its international ambitions and Dubai is an attractive, fast growing market in which Barclays wishes to grow. Today’s launch of new mortgage products in Dubai is a tangible example of how we are using our proven global expertise and competitive advantage to develop innovative product propositions that benefit our existing and new clients.”
In February 2006, Barclays announced its intention to increase the proportion of profits it generates from outside the UK to 50 per cent within three years, from 40 per cent in 2005. The new mortgages will be offered by the banks international retail arm, International Retail and Commercial Banking, which is focused on growing Barclays presence in attractive markets, including Dubai. International Retail and Commercial banking operates in 21 countries with over 10 million customers and 46,000 employees.
Barclays is offering the following mortgage products to UAE residents and non residents:
- Owner-occupiers wishing to buy a completed home ready to move in
- Off plan buyers looking at homes that are planned or under construction
- Buy-to-Let mortgages for prospective landlords
Philip Ward, Barclays’ head of mortgages in Dubai, said: “Dubai is maturing into a home-owning environment, and Barclays expects to shake up the market with its strong product range and customer-focused service levels. By bringing our experience, multi currency and service driven approach that has been developed over many years, we are confident that our mortgages will be very attractive to Dubai home buyers, whether home owners or investors.”
Barclays has the largest presence of any UK bank in the European non-resident mortgage market, serving mortgage customers through its operations in Spain, France, Portugal and Italy.
Barclays mortgages in Dubai will be available from a minimum of AED 500,000 up to a maximum of AED 7.5 million, in areas where all nationalities are allowed to own residential property.
All mortgages will be available in four different currencies – UAE dirhams, pounds sterling, Euro and US dollars. For sterling, dollar and euro loans, customers are expected to have an income source in the same currency. Thereafter, the principle will be sanctioned and drawn down in AED and then converted to the foreign currency.
In another benefit, a team of expert mobile Barclays mortgage advisors will meet customers to discuss the best mortgage for their requirements. The advisors will travel around Dubai in Barclays-branded Minis. Loan approvals will be made within 24 hours, at competitive interest rates.
Mr Wards adds; “With the recently announced changes in the property law ownership in Dubai, specifically with regards to non-resident ownership, and the ongoing highly positive economic climate in Dubai, we believe that now is exactly the right time to bring our breadth of international mortgage experience to this market”. We have examined the marketplace in great detail, and we believe that our products will hit the right note with prospective buyers”
