Value of UAE mortgage market doubles
The value of mortgages in the UAE nearly doubled to 45.7 billion dirhams ($12.5 bion) in the year to June as lenders tapped into the country's property boom, central bank data showed.
Home finance loans rose to 45.7 billion dirhams at the end of June from 23.1 billion dirhams a year earlier. Mortgage lending grew 9% in the second quarter, compared with 80% in 2006.
Lenders in the UAE have been signing deals with real estate developers to tap a surge in demand for home finance that has resulted from a property boom in the country. Most UAE emirates allow foreign investment in some real estate projects.
Dubai's population is growing at an average 7.9% a year and may rise to 1.9 million by 2010 from 1.4 million now, a recent research report from Egyptian investment bank EFG-Hermes said.
In total, residential supply will be about 277,000 units through 2010, with most slated for delivery in late 2009 to mid-2010. Source
Home finance loans rose to 45.7 billion dirhams at the end of June from 23.1 billion dirhams a year earlier. Mortgage lending grew 9% in the second quarter, compared with 80% in 2006.
Lenders in the UAE have been signing deals with real estate developers to tap a surge in demand for home finance that has resulted from a property boom in the country. Most UAE emirates allow foreign investment in some real estate projects.
Dubai's population is growing at an average 7.9% a year and may rise to 1.9 million by 2010 from 1.4 million now, a recent research report from Egyptian investment bank EFG-Hermes said.
In total, residential supply will be about 277,000 units through 2010, with most slated for delivery in late 2009 to mid-2010. Source
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