Mortgage facility 'helps Abu Dhabi realty market'
Abu Dhabi, April 18, 2011
The easy availability of mortgage financing had helped sustain Abu Dhabi’s property sector amidst the global economic crisis, said Masood Al Awar, CEO of Tasweek Real Estate Marketing and Development.
Al Awar's remarks came while delivering a speech on mortgaging’s impact on the growth of Abu Dhabi’s real estate business on the second day of 'Cityscape Abu Dhabi,' the local edition of the region's premier real estate investment and development event.
He was discussing the development of regulatory frameworks for the issuance of mortgages and identified legislative changes needed to enhance the local mortgage system.
Al Awar also evaluated criteria for ensuring sustainable mortgage financing and talked about the benefits of a robust housing financing system.
A leading property advisor and solutions provider, Tasweek presented key trends in mortgage marketing on Monday at the Abu Dhabi National Exhibition Centre.
'Mortgage financing has been playing a major role in keeping Abu Dhabi’s real estate market attractive and productive. It is thus vital for industry to understand key mortgage trends and adjust their activities accordingly,' said Al Awar.
'A survey conducted as a run-up to Cityscape Abu Dhabi showed that over 25 percent of property professionals in the Middle East have limited understanding of Abu Dhabi market. Mortgage financing is an area that needs to be explained further to help investors and developers maximize existing and upcoming opportunities,' he added.
Cityscape features the Middle East Real Estate Summit, a forum where leading property experts will discuss top industry issues and topics till April 20. Other highlights include investor roundtables, networking sessions and the Awards for Real Estate in the Mena region.-TradeArabia News Service