A firm well known for real estate innovation in the Middle East, JustProperty.com, is launching a major online platform for property shoppers in the United Arab Emirates (UAE) that will help make it easier to get a breadth of information about mortgage borrowing.
A Nov. 2 press release announced the arrival of JustProperty.com’s “Mortgage Calculator” portal, developed in collaboration with Home Matters Mortgage Consultants as a sort of virtual information forum about property purchases in the UAE.
Users will be able to use the Mortgage Calculator toolkit to research purchase fees, mortgage costs and payment structures. Amortization charts and other tools will help first-time buyers and others to navigate a process that's inherently complicated and detailed, whether it’s happening in the U.S., the UAE or any other nation.
In a press statement, JustProperty.com said the tool will help real estate agents and their clients drill down into the details to get more market confidence and enhance the process of purchasing a property in the UAE.
Gulf News Journal spoke with JustProperty.com CEO Alex Nicholas Friday.
“Many end buyers have to consider whether they can qualify for a mortgage when they look at a property, it's always in the back of their minds,” Nicholas said, explaining the inspiration for the program. “By providing real time information, we give users pre-qualification that will remove this stress and allow them to continue their search for their perfect home.”
It is an innovation that Nicholas believes will take a significant hurdle out of the shopping process.
“To date, there has not been an integrated product on a UAE property portal that allows property purchasers to search for listings and at the same time get pre-qualified for a mortgage for that property,” he said. “We are essentially removing an extra step in the home searching process and allowing people for the first time in the UAE to search for properties and get pre-approved for a mortgage, all on the same platform.”
Nicholas said end users will put in basic financial information, including income and debt amounts, to see if they pre-qualify for a mortgage and how much they could borrow.
“Their contact details will then be passed onto a Home Matters mortgage consultant who will contact the applicant directly to discuss the next steps,” he said.
Nicholas also talked about the firm's long-term outlook on UAE real estate.
“We've been running JustProperty.com as a leading source of real estate listings and information since 2010, and our long-term outlook for the UAE industry remains very positive,” Nicholas said. “Whilst the UAE is subject to greater market fluctuations than in more mature real estate markets, we see the long-term outlook for UAE real estate to be very positive. The country continues to develop at a fast rate, and the clear vision of the government, in our opinion, makes for a very attractive investment opportunity.”