Local lenders are offering competitive mortgages on luxury villas in the golfing community of Victory Heights, where 81 percent of phase one villas have been completed and 61 percent of sold villas have been handed over to homeowners, the developer confirmed today.
The announcement comes in the wake of an independent global property market survey by Colliers International, which found that investors in the Middle East are cautious about a speedy recovery of the region’s real estate sector, because of concerns over accessibility to financing. [1]
However, both Standard Chartered and HSBC are offering competitive mortgages on luxury villas in Dubai’s Victory Heights, both offering investors 75 percent mortgages on completed properties. Applicants need to provide salary certificates and details of all their outgoings, such as loans, rentals, and credit cards, before approval is given based on a credit rating.
“Victory Heights enjoys strong relations with a number of mortgage lenders operating in the UAE. Our on-going success in completing villa builds on time, and to plan, means multiple mortgage lenders are coming forward to work with us,” said Talal Chihabi, Head of Sales and Marketing at Victory Heights.
“As a result, we are pleased to report that competitive mortgages on our luxury villas are going ahead, allowing both investors and those looking to buy a new home in our golfing community access to excellent financing,” he added.
“Standard Chartered is pleased to offer financing options for the purchase of fully constructed villas in Victory Heights in both a Shariah compliant variant as well as through conventional means. The development is moving to plan, and we continue to lend,” added Syed Hammad, Head of Retail Banking Products, Standard Chartered UAE.
“We are financing completed villas in Victory Heights, and are offering up to 75 percent of the value of the property based on the applicant’s credit rating,” confirmed Ishrat Kiyani, Head of Premier Banking and Wealth Management, HSBC UAE.
Villa prices in the development, which surrounds the award-winning The Els Club golf course, have remained stable for the past six months after experiencing a surge of around 20 percent in the third quarter of last year, which came on the back of a 50 percent fall in the first half of 2009.
To date 615 villas have been handed over to homeowners, out of a total of 961-units that make up the first-phase of the project which is a joint venture between Dubai Sports City and the Bahraini investment bank Arcapita.
As well as being surrounded by the award-winning18-hole The Els Club golf course, Victory Heights is within walking distance of The Butch Harmon School of Golf, where both beginners and seasoned players can work on their game.
Just five minutes drive away is the Dubai International Cricket Stadium, where national and international cricket and football matches are played, while five Sporting Academies offering world-class coaching to children of all ages in football, hockey, rugby, swimming, and cricket are due to open in the second half of 2010.
“If you are into an active lifestyle and enjoy sports then Victory Heights really is the place to be. Everything you can think of in the sporting world is right on your doorstep,” confirmed Chihabi.
The villas in the development are built in three different styles; authentic Spanish Andalusian, bold Mediterranean, and classic European styles.
