Dubai Mortgage, Buying Property in Dubai

The Dubai Mortgage Law will be renewed according to a 35-article decree issued by Sheikh Mohammed bin Rashid Al-Maktoum, who is also vice president of the United Arab Emirates.Mortgages must become more transparent and the rights of lenders and borrowers must be protected.

The Law for a mortgage in Dubai requires that the contracts must be registered with the Land Department and must mention the size of the mortgage, the repayment period, and the value of the property. Before this law buying property in Dubai and the financing of real estate in Dubai was not always registered at the Land Department. Also a Dubai property mortgage must be sold by a registered financial institution and the real estate must be insured.

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