National Bank of Dubai has announced plans to offer zero-rate mortgages to would-be homeowners, in a tie-up with Dubai Properties.
The bad news for mortgage-hungry buyers is that the offer is restricted to just one property Tower 'H', which forms part of the Executive Towers residential block in Dubai's Business Bay development.
"We are delighted to offer preferential terms on NBD home loans for The Executive Towers project," said Suvo Sarkar, NBD's head of retail banking. "We encourage our customers to take advantage of this once-in-a-lifetime opportunity to own a dream home."
The unprecedented move is bound to create a flurry of interest among would-be homeowners, and reflects a definite move towards more innovative tactics to encourage buyers into the premium end of the market.
"Tower 'H' of Executive Towers is a premium residential tower within Business Bay and Dubai Properties is proud to announce this exclusive financial arrangement with NBD," said Hashim Al Dabal, Dubai Properties CEO.
However, the timing of the offer may also raise the question of whether demand in the market is beginning to wane after a hefty bull run.
