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Mortgages to foreigners in UAE to be capped at 50%
- United Arab Emirates: Wednesday, January 02 - 2013 at 03:25
According to guidelines issued by the UAE central bank, mortgages for foreigners are to be restricted at 50% of the property's value, Bloomberg has reported. UAE citizens can get as much 70% of the value of a first house and 60% for a second, according to the guidelines. "In the short term, it's a negative because it will stop the hike in real estate prices that we've seen so far," Tariq Qaqish, deputy head of asset management at Dubai-based Al Mal Capital, told the news service. "Since most buyers these days are end-users, you might see prices decline because not everyone can afford to put in a 50% down payment."
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