Amid confusion and speculation over upcoming changes in the rules governing mortgages, nationals and expats are rushing to buy homes in the strongest property market since 2006.
According to a Dubai Municipality official, who declined to be named, “We witnessed a hike in sales as of the beginning of this year. As of January 21, 2013, we have witnessed transactions amounting to Dh490 million compared to mere Dh200 million for the same day last year, a rise of 160 per cent.”
Dr Amer-Noman Ashour, chief economist and analyst at the CNBC Arabia, told Gulf News that the Central Bank was trying to make it clear to all banks that they should not expect any leeway with the new regulations.
Home buyers rush to beat new mortgage curb rules | GulfNews.com
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