Dubai issues new mortgage law
United Arab Emirates: Wednesday, August 20 - 2008 at 07:26
The Dubai Government has issued a new mortgage law to help better regulate the emirate's booming real estate sector. The law, which comes into effect 60 days after its publication in the official gazette, stipulates that mortgage contracts be registered with the land department, specifying the size of the loan, the repayment period and the value of the property to which the loan is linked. The law also requires that mortgages taken out on properties in Dubai be sold by registered financial institutions, and be insured.
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Jeff Florian, Senior ReporterWednesday, August 20 - 2008 at 07:26 UAE local time (GMT+4)
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