Screen grab of the Pecunia mortgage map.
Screen grab of the Pecunia mortgage map.

In the UAE, the home of tomorrow is transparent



UAE property has been recovering in recent years and to a large degree that rebound has been driven by the rapid influx of both people and money from the broader region in a time of political turmoil.

As a result, the market is looking in a stronger position and is likely to continue to be in a strengthened position in the foreseeable future, although there are concerns of overheating.

Some 80 per cent of property deals in the first half of this year were cash transactions according to Dubai Land Department data, which indicates a risk of speculation. It is important to allow more investors be able to participate in the opportunity to invest, and as such mortgages plays a key part.

The credit for mortgages is rapidly increasing. According to a July report from the Dubai Land Department, mortgages used for property purchases amounted to Dh51.3 billion, an increase of 67 per cent from the year before. This is allowing a broader community of investors to participate in the UAE property market, which in effect will increase demand, which is required with the large degree of residential units coming into market in the next few years. According to a recent report by Jones Lang LaSalle, 45,000 residential units are expected to be delivered in Dubai by 2014.

Historically there has been a large variety of mortgages provided, and many consumers have expressed concerns over the sometime painful process of getting access to the funding. These are two challenges which need to be overcome to fully unleash the potential for additional investors to participate in the market.

Pecunia.me and the mortgage map tackle these challenges head on. In partnership with The National, the mortgage map is creating transparency in the mortgage market by allowing users to crowd-source their mortgage information onto a Google Map-based technology.

The increased transparency is likely to lead to better conditions for consumers, and to entice more people to take the leap of investing in property. More importantly, the mortgage map will reduce the frustration and worry about what rates are achievable on your mortgage by allowing you to see competitive rates and conditions in the market.

Beyond this, the Pecunia.me is improving access to mortgages by letting potential mortgage customers easily connect with banks through the Pecunia.me fast-track which allows users to obtain a pre-approval from a bank 24 hours after they have provided the required documents.

Pecunia.me and The National are committed to improving transparency, and thereby generating and supporting the real estate sector by increasing the investor base. The cornerstone of the campaign is transparency and financial literacy, with the user experience at the forefront. Together we are seeking to improve the customer experience for the future investor base of residential properties in the UAE.

Peder Wessel is a director of Pecunia

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Vidaamuyarchi

Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.