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Laguna Towers, situated in the Jumeriah Lake Towers development, feature a spectacular waterway redefining the way we live today. This high-rise aquatic location boasts ultra-modern facilities with stunning panoramic views – the perfect environment to complement your professional lifestyle. Investors can buy in Laguna Tower and be confident in the knowledge that it has strong financial backing, thus giving assurance in your purchase. The first 8 floors of Laguna Tower is a 5* luxury hotel, with floors 9-35 being available in Studio, 1, 2 & 3 Bed apartments all finished to the 5* star standard we’ve come to expect of Dubai. The advantage of buying at Laguna Towers is that residents are able to use all facilities of the hotel including swimming pool and sports facilitates etc. Laguna Tower also runs a letting and management service allowing you to relax in the knowledge that your apartment can be rented in your absence – meaning there will be a good return on your investment with minimum input. Getting to Dubai The numbers of visitors to Dubai reached record levels in 2005, according to the UK travel industry and is set for phenomenal grow – good news for those of you who are planning to buy here and indeed for the 100,000 British subjects who have already bought property in Dubai. Some tour operators say passenger numbers have doubled since 2004 and the visitor figures are projected to massively increase from 5.4 million in 2004 to 15 million in 2010. Much of this growth has come from the increased number of flights which are now 100 direct and indirect flights to Dubai from the UK. Baerbel Kirchner of the Dubai Department of Tourism and Commerce Marketing said “Dubai has experienced a very strong increase in business arrivals over the past 10 years with more than 322,000 British guests during the first six months of 2005 over 14.5% more than 2004. The UK is the most important source of overseas visitors. Due to overwhelming demand from several operators, such as Emirates Tours, they have increased their portfolio of city breaks”. Sally Booth of Luxury Tours stated “we have already seen a 35% increase in bookings compared with the whole of 2004. Dubai’s GDP grew to a staggering 263% from US$7,896m in 1990 to US$20,833m in 2003. The growth of business economy over this period has been reflected not only in the increased business and leisure visitor figures but also in the amount of investment in the country”. Mortgages in Dubai Mortgages for non resident foreign nationals in Dubai is getting more obtainable as each month goes by. You must understand that the banking system in Dubai is not like the UK and they are more cautious as the country is developing, although they are slower to react to this huge recent investment in local properties by foreign nationals, they are beginning now to move forward with many new mortgage products available for you to buy in Dubai. Our lender has a list of approved developers and mortgage funding depending on the developer and the project. Each developer is assessed prior to approval with particular attention paid to a trading history and financial status. You will find it easier to obtain lending from part Government backed developments such as Nakheel, Dubai Properties and Emaar and normally they will lend on a repayment mortgage to a maximum period of 15 years with a maximum age of normally 65. Interest rates vary between 6.5% and 7%. LTV thresholds are still rising and it is possible to get up to 80% LTV on some developments. Lending Criteria Lenders in Dubai mainly use affordability when assessing an applicants ability to repay a loan. Principally, the criteria relates to the monthly outgoings which include your existing UK mortgage or rent, any personal loans and the new mortgage in Dubai are no more than 55% of their net monthly income. These methods differ from those used in the UK and can be quite restrictive, even to those on higher incomes. Some of the banks also start a minimum income level which can be as high as £35,000 per annum.