So far, in 2019 the UAE has seen further declines in real estate prices. As a mortgage intermediary, we are one of the first businesses to experience the effects of a property cycle. For example, in 2008 we started to experience a significant decrease in enquiry levels 3 months prior to the real estate property crash. We subsequently experienced an increased number in mortgage enquiries just before real estate prices started to rise again in 2011. Mortgage enquiry levels and real estate prices started to drop again from early 2014 until recently. Over the past 3 months, I am pleased to see an increase of mortgage enquiry levels and case submissions up by nearly 50%. Does this indicate a recovery and subsequent boom? We think so, given the past trends.
With some of the initiatives implemented in the UAE i.e. longer term visas, 100% ownership of onshore companies, greater support for small and medium-sized enterprises and public-private partnership etc. overall sentiment has and will improve further.
In anticipation of the increased demand in transactions, we have been very busy improving our operations and positioning ourselves for growth. We have heavily invested in internal processes, IT infrastructure and Human resources in order to deliver more value and improve further our client’s experience.