The Benefits of eMart and Its Significance to the Real Estate Market in Dubai

emart portalSmart Property Marketplace or better known as eMart is now an active portal launched by the Dubai Land Department. This new online portal will provide a platform for auctions, sales and property rentals in the UAE. It will also serve as an exchange center to facilitate real estate information. An initiative like this will guarantee credibility and transparency in all transactions carried out by the Land Department.

As of 2013, the “World Bank’s Doing Business Index” has ranked the Land Department of Dubai as the fourth best in the world when it comes to property registration and real estate. The LD is also ranked by the index as the best in the Arab world for its outstanding services. With the new eMart initiative, brokers and investors in the real estate industry will truly benefit from fast and accurate online services offered by the portal. This will also facilitate and streamline search operations, thus providing a credible resource for investors in Dubai.

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85% Mortgage Loan in Dubai Will Only Be Effective Until End of the Month

Mortgage Loan Rules in DubaiAll mortgage pre-approval letters issued by UAE banks will only be valid until the end of November. Therefore, mortgage pre-approval letters will no longer be valid on December 1. This information has been divulged by a mortgage consultant in a top local bank in Dubai. So, if you want to avail of the 85% home finance, then you only have approximately 20 days to complete your transaction. By December this year, banks will be following the new guidelines on mortgages that were set by the UAE Central Bank late last month.

Basically, this new mortgage lending regulation will only allow banks to loan up to 75% of the property value to expatriates and 80% to Emiratis. These new rules will be published in the official Gazette by January 2014, but banks are obligated to enforce these new guidelines one month before the said publication. Also, home buyers will no longer be able to use their credit cards in meeting their downpayment requirements as well as seek personal loans when the new regulations take effect.

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