Damac Properties, a leading developer in Dubai, has called upon UAE banks to provide a non-resident mortgage and support the resurgence in the real estate market.
Managing director Ziad El Chaar said the banks must return to lendi
The agency that oversees mortgage markets is preparing to file suit against more than a dozen big banks, accusing them of misrepresenting the quality of mortgages they packaged and sold during the housing bubble, The New York Times reported.
The value of mortgages issued in Dubai topped Dh8 billion ($2.18 billion) during the second quarter, compared to Dh7 billion in the first quarter, according to a report.
The report by ‘DubaiFocus’, a product of Reidin.com, r
Abu Dhabi Finance (ADF), the Emirate’s leading new home finance provider, will start offering mortgages for Green Emirates Properties, which extends ADF’s reach to cover almost 75 per cent of the property market in Abu Dhabi.
The cost of mortgages to buy houses in Bahrain and across the region could rise in the next few weeks, experts have said.
Leading Bahrain mortgage lender Sakana Holistic Housing Solutions said the global credit crunch could mean higher bor
Six Saudi banks launched a concerted effort to restore confidence on Tuesday, saying they had no direct exposure to toxic mortgages, as shares plunged on fears about the impact of the global financial crisis.
The central bank joined the ve
The United Arab Emirates expects the meltdown in US mortgages to have little impact on profits of its banks because of their limited exposure to subprime home loans, the central bank said.
Banks in the UAE have been returning to profit gro