An increase in customer inquiries about buying property in Dubai has led Lloyds TSB Middle East to expand its mortgage offerings, a top executive says.
Lloyds TSB Middle East, a division of the second-largest UK bank, was among the first to cut back lending to property buyers as the financial crisis hit Dubai in late 2008. Until now, it has restricted its loans to 50 per cent of the price and limited properties to villas.
Richard Musty, the country manager for Lloyds, said yesterday the UAE's economy would grow by 2.5 per cent this year as oil prices remained strong. Dubai's GDP would grow by about 1 per cent.
"The economy is feeling better but I think it will be testing as we go into 2011 and 2012," Mr Musty said.
Customer inquiries had shot up near the end of last year and this year, which convinced Lloyds to widen its offerings.
The bank yesterday unveiled mortgages that start at 5.49 per cent, depending on the property type. It will only lend for certain properties, such as the Shoreline apartments on the Palm Jumeirah, Old Town in Downtown Burj Khalifa, Arabian Ranches and The Greens.
The new offerings also allow for a 20 per cent early repayment each year without penalties for the first two years of the mortgages to be more flexible to customers, Mr Musty said.
Lloyds requires mortgage applicants to open an account at the bank so it can fully analyse their ability to make their payments, he said.
"We're a responsible lender," Mr Musty said. "What that really means is we sit down with customers, we look at income, expenditure, assets and liabilities.
"If they want to borrow money, we will lend money on that basis. There is no lending for speculative investment."
Mortgage providers are pushing back into the market with new offerings to take advantage of what analysts say are the "stabilising" of prices in Dubai in sought-after areas.
Tamweel, which froze lending for two years starting in November 2008, this week unveiled a programme to offer loans with a 4.99 per cent interest rate on some properties.
Varun Sood, the acting chief executive of Tamweel, said earlier: "There are now clear signs of increasing confidence in the country's property market … while real estate prices have fallen in recent years, the trend in most mature developments is towards stabilisation.
"Demand is increasing among end users and this a very positive trend for the market."
Prices in Dubai declined by 2.4 per cent for apartments and 5.1 per cent for villas in the final three months of last year compared with the same period in 2009, the consultancy Cluttons said in a report released on Sunday.
The more established "lifestyle" areas, such as Old Town, Dubai Marina, Palm Jumeirah, The Meadows and The Greens were proving more resilient in sale prices and rents, Cluttons said.
Mr Musty would not comment on the outlook for property prices but said the bank maintained relationships with developers and regulators to monitor the state of the property market.
The bank is 43 per cent owned by the UK government, which bailed it out in 2009 during the financial crisis.
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
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When is VAR used?
• Goals
• Penalty decisions
• Direct red-card incidents
• Mistaken identity
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
Copa del Rey final
Sevilla v Barcelona, Saturday, 11.30pm (UAE), match on Bein Sports
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
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Why are you, you?
Why are you, you?
From this question, a new beginning.
From this question, a new destiny.
For you are a world, and a meeting of worlds.
Our dream is to unite that which has been
separated by history.
To return the many to the one.
A great story unites us all,
beyond colour and creed and gender.
The lightning flash of art
And the music of the heart.
We reflect all cultures, all ways.
We are a twenty first century wonder.
Universal ideals, visions of art and truth.
Now is the turning point of cultures and hopes.
Come with questions, leave with visions.
We are the link between the past and the future.
Here, through art, new possibilities are born. And
new answers are given wings.
Why are you, you?
Because we are mirrors of each other.
Because together we create new worlds.
Together we are more powerful than we know.
We connect, we inspire, we multiply illuminations
with the unique light of art.
Ben Okri,
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
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Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
LIST OF INVITEES
Shergo Kurdi (am)
Rayhan Thomas
Saud Al Sharee (am)
Min Woo Lee
Todd Clements
Matthew Jordan
AbdulRahman Al Mansour (am)
Matteo Manassero
Alfie Plant
Othman Al Mulla
Shaun Norris
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Match info:
Burnley 0
Manchester United 2
Lukaku (22', 44')
Red card: Marcus Rashford (Man United)
Man of the match: Romelu Lukaku (Manchester United)