Mortgages and More: Building Relationships Beyond the Bank

The podcast kicked off by exploring the nuances of the Dubai mortgage landscape. Michael, with his background in both banking (NatWest, Coutts) and brokerage, highlighted a key difference: while in the UK, mortgage brokers operate to find the best product for the client, he noted that his banking experience showed him they push their own bank's products. He emphasised that a broker's role is to be a problem solver, especially for high-net-worth individuals with complex financial situations.

The Customer Journey: Banks vs. Brokers

The discussion shed light on the typical customer journey. Many people in Dubai naturally turn to their primary bank for a mortgage, drawn in by the convenience of online banking and pre-existing relationships. However, as the podcast host pointed out, banks only offer their own products, potentially missing out on more suitable options available through a broker. Michael stressed the importance of educating clients about the value a mortgage broker brings to the table.

Challenges and Opportunities in the Dubai Market

One of the main challenges in the UAE, Michael explained, is the manual process involved in obtaining liability letters from other banks, which can significantly slow down transactions. Despite these challenges, the Dubai mortgage market presents exciting opportunities. Michael pointed out the incredible property appreciation in Dubai, with some properties appreciating by "probably 200%" over the past four years. This rapid growth fuels the demand for refinancing and equity extraction, creating further opportunities for mortgage professionals.

Looking Ahead: The Future of Mortgages in Dubai

The conversation concluded with a look at the future of mortgages in Dubai. While acknowledging the influence of global economics and figures like Trump, Michael anticipates relative stability in the short term, with potential rate cuts on the horizon.

Whether you're a first-time buyer or a seasoned investor, this episode equips you with the knowledge to make informed decisions in Dubai's mortgage market.

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For those interested in the Dubai real estate market and need mortgage advise please reach out to our experts now.

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