Barclays Buying Abroad has commenced a new property service designed to assist buyers looking for property in Dubai.
The second largest emirate presently issues 800 work and residency visas a day, and received 5.4 million visitors in 2004 – an annual increase of 13 per cent.
Dubai's population stood at approximately 1.67 million at the beginning of 2007 – a figure predicted to rise to 3.5 million by 2010.
And with 300,000 apartments expected to come onto the market in the next four years, Barclay's is now offering assistance to those wishing to relocate to the region.
The service offers mortgages in sterling, Euros and US Dollars – as well as UAE Dirham – on a range of property.
Despite a reputation for luxury buildings, off-plan apartments are still obtainable in the emirate for around £100,000.
"There has been a real growth of late in the number of multinational businesses opening Dubai offices as the emirate responds to double digit growth in its economy over the last five years," commented Richard Exton, director of Barclays Buying Abroad.
"We are therefore seeing a shift from people looking for luxury holiday or retirement homes to those looking to live and work in the UAE.
"That is adding to the market dynamic and we have seen a major boost in enquiries which convinced us that people are looking for a lot more support to help them through the process out there."
Barclays offers mortgages up to 90 per cent of the value of a property, over a period of 5 – 25 years and for a value of between £67,700 and £1.3 million.
