FOR IMMEDIATE RELEASEThe effect of oil costs on residential property sales is being compensated in Abu Dhabi by increasing rental rates. CEO of mortgage provider Abu Dhabi Finance, Christopher Taylor, said in an interview with Gulf News that doing away with rental cap in November 2013 encouraged many residents to buy properties instead of renting. This improved sales and balanced the effect of drop in oil costs. He commented that consumers are now taking mortgages before property purchase. This is in sharp contrast with previous years when customers looked for properties prior to obtaining a mortgage. In a separate interview, the VP of the Al Badie Group, Khalid Al Badie has said that getting a mortgage is 30 – 40% cheaper as compared to paying rent, and it is this factor that is contributing to the health of the Abu Dhabi market. With rental rates increasing slightly quicker than sales costs, people do not wish to go on paying rent any more. This trend is continuing every year. The CEO said that growth is expected in the sales market, and there will be more transactions in mortgage at Abu Dhabi Finance. He expects to see a good financial year and a 10 – 20% increase in business volume over last year, a prediction that is being echoed in the balance sheets of most banks. He added that with the banking sector performing well, there is higher liquidity and better mortgage offerings to property buyers. The CEO expects the overall realty sector in Abu Dhabi to be comparatively stable all through the year. Abu Dhabi Finance has been stability in the last few months, and is looking at fair amount of growth in the coming year, expectedly in sales prices as well as rental rates. For lender organizations such as Abu Dhabi Finance, that is a good sign. About Mr. Khaled Al Badie:Mr. Khaled Al Badie is the esteemed Vice President of the prominent Al Badie Group. An insightful leader and businessmen, he has a string of companies in Dubai. Khaled Al Badie has said that volatility is to be avoided in the banking sector, as it either scares buyers off or attracts only the wrong types of property buyers. For further information, visit http://www.pressreader.com/uae/gulf-news/20150423/282690455734069###