The Abu Dhabi property market will pick up pace in the second half of this year, the Chief Executive Officer of Abu Dhabi Finance, a start-up mortgage lender, said on Tuesday. Philip Ward told that the signs of a market recovery are encouraging and there is a considerable appetite for mortgage finance.

Abu Dhabi Finance was established in November last year with a starting capital of Dh500 million. "We are lending to the consumer sector who buy properties for their own use or as a long-term investment," said Ward, adding that the company is providing mortgage facilities to both UAE nationals and the expatriate community in Abu Dhabi.

He said Abu Dhabi Finance's rates of interest are competitive compared with banks and other fin-ance companies. "Our rates start at 8.5 per cent and we are providing loans for up to 30 years for residents up to the age of 70," Ward added. He said the minimum salary requirement to qualify for a loan from Abu Dhabi Finance is Dh10,000 per month. "We are in the residential mortgage business in the Abu Dhabi market, as of now. "If suitable opportunities arise, we will look at expanding our business to other emirates as well. But no time frame for it can be given at this stage," Ward added.

He declined to comment on the company's lending target this year, saying the information is commercially sensitive.