Property stocks in the United Arab Emirates slid on the last day of the year after the central bank unexpectedly issued regulations curbing home mortgages, with heavyweight developer Emaar Properties weighing on Dubai's index.
The central bank said in a circular to commercial banks that mortgage loans for foreigners buying residential real estate should not exceed 50 percent of the property's value, with a 70 percent cap for local citizens.
The move appeared to be an effort to ensure that another bubble in UAE real estate did not develop, but analysts said it could slow the property market's fledgling recovery from the 2008-2011 crash.
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