Dubai, UAE — Dubai mortgage registrations were worth AED 150.15 billion in the first nine months of 2026, according to figures cited by mortgage platform Holo. That is about 14% more than a year earlier. Off-plan sales went the other way. In September they fell 49% in number from a year earlier.
For Indian buyers, the split matters more than the totals. A Gulf-based NRI can borrow in Dubai. A buyer living in India mostly cannot, because Indian banks cannot lend for money sent abroad under the Liberalised Remittance Scheme.
Dubai Mortgage Registrations Reach 30,170 Deals
About 30,170 mortgages were registered in the nine months, against AED 132.21 billion of lending a year earlier, Arabian Business reported. September alone accounted for AED 16.79 billion. That works out to an average of about AED 5 million per registration, by Invest Dubai Today’s calculation.
The total is not all new home loans. Dubai mortgage registrations include refinancing and other secured lending, and some off-plan purchases are also financed by mortgages.
Off-Plan Sales Halve In September
Dubai recorded 7,157 off-plan deals worth AED 14.3 billion in September, against 14,044 worth AED 28.8 billion a year earlier. The value fell 50.5%. Off-plan villas and townhouses were the exception, with deals up 64.1%.
The two figures cover different periods. Mortgage growth is measured over nine months, while the off-plan fall compares a single September with the previous one.
Michael Hunter, chief executive of Holo, said sales volumes alone are not a measure of a market’s strength. He said buyers should focus on affordability and long-term commitments, not momentum.
Also read: US Investors Eye Dubai Real Estate After Midterms, India Still Leads
October Mortgages Rose For A Third Month
More recent data points the same way. Dubai mortgage registrations rose for a third straight month in October, to 3,811, according to Property Finder. Their total value fell 24.7% as average loans shrank. Apartments made up 85.8% of the month’s mortgages.
Cash still funds a large share of deals. Cash buyers made up 44% of residential sales in the third quarter, up from 36% in the second. The figures come from Betterhomes, Khaleej Times reported. The UAE Central Bank raised its base rate to 3.90% in September and held it in October.
A Gulf NRI Can Borrow, A Mumbai Buyer Cannot
Under UAE Central Bank rules, expatriate residents can borrow up to 80% of a first home worth up to AED 5 million. That puts Dubai mortgage registrations within reach of NRIs working in the UAE.
A buyer in Mumbai, Bengaluru or Hyderabad faces different terms. UAE banks lend to non-residents, but usually at a lower loan-to-value and with tighter income checks. The deposit must come from India under the LRS, capped at USD 250,000 per person a year. Couples can pool two limits. Remittances above Rs 10 lakh attract 20% tax collected at source.
A Dirham Loan Repaid In Rupees
Currency is the hidden cost. On a AED 1.6 million loan over 25 years at 4%, the monthly payment is about AED 8,450, by Invest Dubai Today’s calculation. At 26.2 rupees to the dirham, that is about Rs 2.21 lakh a month.
The dirham has gained about 6.8% against the rupee this year. The same payment cost about Rs 14,000 less a month in January. For a borrower earning in rupees, a weaker rupee raises the cost of the loan. The interest rate does not have to change. Gulf-based NRIs paid in dirhams do not face that risk.
Rising Rates And A Thinner Off-Plan Market
The first risk is the interest rate. Dubai mortgage rates follow US rates through the dirham’s dollar peg, and the base rate rose in September. A borrower on a floating rate pays more when rates rise. Further increases could also slow Dubai mortgage registrations.
The second is supply. Cavendish Maxwell expects 136,100 homes to complete in 2027, and CBRE put Dubai rents 7% lower in the third quarter. A landlord whose rent falls still owes the same monthly payment.
Q4 Lending, The Base Rate And Off-Plan Volumes
Watch whether Dubai mortgage registrations keep rising through the fourth quarter, and whether off-plan sales recover from September’s low. The UAE Central Bank’s next rate decision will set the cost of new floating-rate loans. Indian buyers should also track the rupee-dirham rate before taking on a dirham loan.
Borrowing Suits Dirham Earners More Than Rupee Earners
For investors, rising Dubai mortgage registrations show lending holding up while off-plan sales slow. End-users living in the UAE can borrow up to 80% on a first home. For Indian buyers, the picture is split. NRIs in the Gulf can use a Dubai mortgage. Buyers in India pay most of the price through LRS and carry the currency risk on any dirham loan.
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