Home RSS
Real Estate
Cars

UAE mortgages surge Dh20b in seven months

Emirates 247
Official statistics released today by the Central Bank of the UAE show that despite the slowdown in the country’s property market, banks in the country have continued to extend mortgage loans. (FILE)

Official statistics released today by the Central Bank of the UAE show that despite the slowdown in the country’s property market, banks in the country have continued to extend mortgage loans. (FILE)


Official statistics released today by the Central Bank of the UAE show that despite a slowdown in the country’s property market, mortgages extended by banks in the country increased by Dh19.7bn in the first seven months of 2010.



According to Central Bank data, real estate mortgage loans extended by the country’s banks grew from Dh141.7bn at the end of 2009 to Dh161.4bn in July 2010, or 13.9 per cent in the first seven months of the year.

This, say experts, points to a surge in deliveries of ready properties across the country, with banks making the final payment -- a substantial part of the total mortgage on a property -- on the delivery of the unit.

"The numbers do not necessarily mean that banks are offering more mortgages -- it may be a case of the final payment, which could be as high as 50-60 per cent of the total mortgage, being made at the time of delivery," said a Dubai-based banker who wished to remain anonymous.


Source



Add your comment
  Anonymous comment
Nickname:
Password:
  Remember me on this computer

Title:
Send me by email any answer to my comment
Send me by email every new comment to this article





 
_________________________________________________________________________
 
Disclaimer: The information presented and opinions expressed herein are those of the authors and do not necessarily represent the views of Estates Report and/or its partners.