DUBAI // Sixty-seven per cent of UAE residents have said they do not own property in the country.
And a study by compareit4me group found that 54 per cent of residents choose to rent rather than buy property because they are unsure how long they will remain in the UAE.
However, 76 per cent of the people surveyed said that they would like to buy a home but various factors, such as high house prices and the need for a 25 per cent deposit, stop them.
UAE banks are trying to encourage residents to buy property by offering more home finance solutions and competitive rates.
Mashreq, HSBC, Standard Chartered and Commercial Bank of Dubai are offering mortgages with flat rates as low as 1.6 per cent.
Jon Richards, CEO of compareit4me.com, said: “The number of people staying beyond two years is increasing, so it’s worth residents doing the sums to calculate if home ownership would be more beneficial for them.”