More UAE residents opt to rent than buy, study says

More than half of people living in the UAE for more than three years aren’t considering buying a home in the country. That’s according to a survey by compareitforme.com, a finance comparison site, which says 67% of residents polled don’t own a property in the region. 76% of them want to buy, but say house prices in the country are too high. 54% of respondents also prefer renting to owning a unit in the emirates, saying they’re not sure how long they’ll stay in the Middle East. The report says UAE banks are offering mortgages to more people. Figures from the Dubai Land Department indicate a rise in the number of mortgages in 2014.