The Central Bank of the UAE has reduced the base rate on overnight deposit operations (ODF) by 25 basis points from 4.90% to 4.65% since November 8, 2024.
This decision followed the Federal Reserve's decision to cut US interest rates by a quarter of a percentage point.
The previous rate cut in the United Arab Emirates was in September of this year from 5.4% to 4.9%.
Lowering the interest rate makes mortgages more affordable and can have a beneficial effect on the housing market.
By the way, mortgages in the UAE are available to resident foreigners. Non-residents can also theoretically get a housing loan, but in practice, as our experts say, it is difficult to do so.
Source: Khaleej Times
