Demand for Abu Dhabi property could receive a boost, following the announcement that the Tourism Development and Investment Company (TDIC) has struck an agreement with four banks and a finance firm to grant mortgage finance for purchasers of homes in the emirate.

Banks have tightened their belts since the global credit crunch kicked-in, which in part, have contributed to the slowdown in the emirate’s property market.

However, it is now hoped that efforts to get banks lending more freely again, will rejuvenate the property sector, once more.
Abu Dhabi Finance, an organisation set-up in collaboration between several house builders in Abu Dhabi developers and Mubadala Development, an investment company owned by the government, is now offering mortgages with an 85% loan-to-value for period of up to 30 years.

The banks that signed agreements with TDIC are Mashreq Bank, Standard Chartered Bank, National Bank of Abu Dhabi, and Abu Dhabi Commercial Bank.