Brokers: The Unsung Backbone Of The UAE Mortgage And Financial Services Market

In the past decade, Dubai's mortgage landscape has undergone a remarkable transformation - and the numbers speak for themselves. In the second quarter of 2025 alone, mortgage sales reached Dh42.2 billion, accounting for nearly a quarter of the Dh184 billion in total real estate transactions. That marks a 48.3 percent increase compared with the same period a year earlier. Clearly, demand for mortgage financing is accelerating across the UAE, reshaping how buyers approach property ownership.

As the mortgage market grows, what was once the near-exclusive domain of banks has evolved into a thriving ecosystem where brokers now play a crucial role. Today, more than ever, brokers are not just intermediaries - they are enablers of access, trust, and efficiency in one of the UAE's most important financial sectors.

This shift did not happen overnight. Not too long ago, most mortgage professionals worked directly within banks, with only a handful of independent consultants operating on the sidelines. But in recent years - particularly after 2020 - the market witnessed a surge in brokerages. Many professionals left the rigidity of banking institutions to join or establish firms that could offer clients something banks often struggled to provide: personalized guidance and hand-holding through a complex process.

The parallels with Dubai's real estate boom are striking. The city's global property success owes much to real estate brokers who marketed Dubai to the world, facilitated trust, and attracted investment from every continent. Similarly, mortgage brokers today are marketing the banks' products, qualifying customers, and ensuring that applications move smoothly through an otherwise overwhelming journey. They simplify documentation, pre-qualify buyers, and save time for both clients and lenders. In many ways, they are extending the reach of banks - without which, much of this growth would have been impossible.

For banks, this channel has become indispensable. Most leading lenders now dedicate entire sales teams to servicing mortgage brokers, with ambitious targets tied to this channel alone. The results speak for themselves: brokerages are driving a significant share of new mortgage business, increasing efficiency, and adding to the overall stability of the market.

Yet, like any young industry, there are growing pains. The rise of new entrants, many without prior banking experience, has created gaps in professionalism and standards. Just as the real estate sector introduced the RERA licensing framework to raise the bar for brokers, the time has come to consider a similar model for mortgage consultants. A minimum entry criterion, whether through certification, licensing, or periodic renewal - would not only protect consumers but also enhance the credibility of the entire sector.

Mortgage brokering is no longer a side hustle. It is a full-fledged industry, and one that is vital to Dubai's economic fabric. If nurtured with the right regulation and recognition, it has the potential to drive sustainable growth for years to come - making home ownership more accessible, efficient, and trusted for all.

The writer is Chief Executive Officer, Finnequity.

MENAFN23092025000049011007ID1110101151