2020 was a strange year for most; however, it did not affect the property market in the UAE. Through the Holo website, we saw an ever-increasing number of applicants applying for their home loans.
We feel that data is one of the most important tools in business, and through our Digital Advisor applications, we can formulate the persona of our buyers in the UAE.
- 92% of our buyers were expats, as opposed to just 8% of Emiratis
- The average mortgage applicant age was 37.2 years old
- The average income of the applicant was just over AED 35,000
- The majority of applicants were first-time buyers, with just 9% already owning property
- 14.5% of our customers were not based in the UAE and were taking non-resident loans
- The majority of transactions were new purchases, although 28% were looking to release equity from already owned properties
- Will changes in sentiment around COVID change the profile of our client base?
- Will there be a change in requirements with more buyers entering the market?
We are excited to see what 2021 will bring and will keep our customers updated through our social channels.
This blog is for educational purposes, but everyone' case is unique, and local guidelines and regulations may change. Our mortgage advisors can help you with any question you may have and have the latest advice. Get in touch.