Potential end users across Dubai’s property market are being forced to choose from limited options with banks still to put their foot on the pedal with regard to their mortgage lending efforts.

As per latest market trends, home financing disbursals in the first four months of the year have remained stable at best. This comes at a time when two key fundamentals of Dubai’s property market are showing signs of a sustained revival.

For starters, new off-plan launches have seen a significant spike this year and there has been a considerable slowdown in the rate of decline of values for ready and secondary market properties vis-a-vis the same period last year.

Adding to the turmoil are the mortgage rates that range between 4-4.5%, with others going as low as 3.49%, are among the lowest rates in recent years. Yet only a select few who enjoy a good credit history with banks have been able to access them.

Or their buying choices are limited to cherry-picking smaller units from affordable locations such as Dubailand, Dubai Silicon Oasis, International City and IMPZ, states a recent Cluttons report. As a result, a huge chunk of potential end users without adequate personal cash funds are being cut-off from buying bigger homes in upmarket locations.

The report further adds that well-heeled buyers read to pay 50% upfront have a wider choice in terms of one and two bedroom apartments priced between AED 900,000-1.2mn in premium locations like Downtown Dubai and Dubai Marina, or even 3BHk villa properties at Arabian ranches or Nshama Town Square. However the number of buyers in this category remains few and far between.

According to a Cluttons spokesperson, Dubai-based property owners looking to sell are slowly coming to terms with market realities and more deals are now being inked albeit at competitive prices.