A Great Time To Be In Dubai: ‘Smart’ City Plans, Low Rate Loans And New Mortgages

There are lots of ways that Dubai is looking to help residents get the most out of their city over the next few years, as announced at a recent three day Government Summit. The aim of it was to improve the quality of life in Dubai, using data and information between London and Dubai to help ‘smart cities’ become better.
If the Government’s plans work, then residents should be able to enjoy better public transport in Dubai and more accessibility to information services, internet and an overall ‘smarter’, based on linking up with ideas from London; which should in turn, mean they have free resources to help them lead easier lives.
There was also insight at the Summit from the Mayors of both Seoul and Barcelona, who provided information on how their cities were already using data to improve transport and internet services.
Meanwhile, Sir Edward Lister, chief of staff and deputy mayor for policy and planning for London, said the city had popularised the use of bicycles and was now looking into electric bicycles to help with the issue of congestion.
If Dubai decides to adopt some of these plans, the signs all point towards a more eco-friendly and efficient city for residents with better transport solutions,
Expats looking to move to the region or who have recently already made the move couldn’t have picked a better time. Financially, the region is bouncing back with vigour after a difficult couple of years, with 2013 showing the first initial positive steps towards an already improved economy, and 2014 looking to build on and surpass it.
Over the course of the last year, the UAE has enjoyed growth in its lending after a dip the previous year. Previously, the region was focusing primarily on cleaning up its balance sheet; and with a boost to the economy thanks to tourism and hospitality, property and trade, it is now enjoying a period of strong growth which is good news for its residents.
2013 saw a rise in lending within the first 9 months of the year, and is thought to be going to increase by 6% more in 2014. Retail and consumer loans are already being seen with the lowest interest rates for 15 years – with rates as low as 4.5% being reported.
Meanwhile, new mortgage rules that have been in the news recently have opened up the property market for buyers, with the Central Bank announcing that banks can now offer loans of up to 80% of a property’s value for Emiratis and 75% for expats. And for Emiratis seeking loans for a second house or investment property, they can obtain a loan of up to 65% of the property’s value, while expats can lend up to 60%.
Furthermore, other key initiatives that came from the Government Summit included plans for a collaboration between the Central Bank and the Emirates Identity Authority for phones to be used as both a credit card and ID; driverless cars to change the face of global transport by 2020; an examination of the infrastructure and extension of the Red Line of the Dubai Metro to Al MaktoumAiport; and more plans to support the 25 million expected to visit Dubai for the Dubai Expo 2020.