Dubai’s booming real estate market offers lucrative opportunities for investors worldwide. With affordable prices, high rental yields, and a business-friendly environment, many non-residents are eager to purchase property in the city. Fortunately, Dubai’s banking sector provides mortgage options for foreign investors, making it easier to acquire real estate without a large upfront capital investment.
Who Can Get a Non-Resident Mortgage in Dubai?
To qualify for a mortgage as a non-resident, you must meet certain eligibility criteria set by banks. Typically, applicants must:
- Be a citizen of a bank-approved country
- Be either salaried or self-employed
- Meet the minimum monthly income requirement, which varies by bank
- Be at least 21 years old
Additionally, some banks finance only properties from approved developers, so verifying the eligibility of your chosen property before applying is essential.
Documents Required for a Mortgage
Non-residents must submit the following documents:
- Valid passport (as proof of identity)
- Bank statements (last 3-6 months as proof of funds)
- Salary certificate or tax returns (if applicable) For self-employed applicants, additional paperwork such as a trade license and audited financial statements may be required.
Loan Features for Non-Residents
- Maximum Loan Amount: It differs from bank to bank for example ADCB is willing to finance up to AED 15 million.
- LTV Ratio: Minimum 20% down payment for properties up to AED 5M, 30% for properties above AED 5M
- Interest Rates: Higher than those for UAE residents, with fixed and variable rate options available
- Loan Tenure: Shorter than the 25-year limit for residents, often subject to age restrictions (65-70 years max)
Which Banks Offer Non-Resident Mortgages?
Several leading banks in the UAE provide mortgage solutions for non-residents, including Dubai Islamic Bank, HSBC, ADCB, FAB, Emirates Islamic, and Standard Chartered. Each bank has its own criteria, so comparing options is key to finding the best deal.
Where Can Non-Residents Buy Property?
Foreign investors can purchase real estate in designated freehold areas, including Dubai Marina, Downtown Dubai, and Palm Jumeirah. These areas offer excellent investment potential due to high demand, strong rental yields, and premium property values.
If you’re considering investing in Dubai’s property market, researching mortgage options and consulting financial experts can help you make an informed decision. With the right approach, Dubai’s real estate market can be a profitable and rewarding investment opportunity.