UAE’S DEVELOPERS MUST HELP OUT END-USER BUYERS: UAE developers have some work – critical at that – ahead of them. They have to, at the earliest, come up with ways to override concerns genuine end-users will have about buying a home given the hike in mortgage rates. Even a Dh1,000-Dh2,000 addition on their monthly mortgage payments will burden a lot of buyers, who are also busy combating the vestiges of inflation in its various forms on the cost of living. So, can developers do anything? Sure, and some of these are tried and tested ways, such as offering low down payment and paying off the bulk post-handover and spread over 3-7 years. And developers must be ready to absorb additional costs, such as those that have to be paid to the Land Department authorities. This is not a moment to wait before taking a decision. Decision times are right now. (Manoj Nair, Business Editor).
Bloomberg