Dubai real estate market and authorities are working rigorously to improve the overall mood and confidence of all the stakeholders. A few days back, Tayseer initiative was launched in which government said that it would back good real estate projects.

Emirates Islamic Bank has been the first to utilize this offer aimed at improving the market outlook for Dubai real estate. Tayseer accreditation is a scheme in which Dubai government will back the lending by Emirates Islamic Bank. The expansion of this guarantee will be slowly moving to other real estate projects in Dubai as well. Government will look at each of the project according to the merit it has set for backing and then will guarantee the project by itself. Tayseer scheme will currently cater 40 different projects fitting the criteria set for the guarantee. These projects are located in areas of Jumeirah Lake, Business Bay, and Dubai Marina districts.

This timely stepping in of government of Dubai into the projects will go a long way in establishing the eroded trust in lending ability of the financial institutions in Dubai. Tayseer scheme as looked by the real estate experts is sort of a benchmark for the different undergoing projects. The projects endorsed by Tayseer will obviously have higher demand and more faith. This will also be an initiative for the real estate market to bring itself into order. As for now, one bank has signed up for this new scheme. Real estate analysts however believe that as the things start setting in, more banks will follow the step. They also believe that once competition revisits lending in Dubai real estate market, interest rates will also become affordable. This scheme is anticipated to give new life to the falling demand of the real estate in Dubai. Dubai’s real estate market has been trying really hard to turn things around. This new initiative is also expected to contribute towards that effort.