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Thursday, 28 July 2016

UAE's property loans improving despite price slide -IMF | Reuters

UAE's property loans improving despite price slide -IMF | Reuters:

"The quality of real estate loans in the United Arab Emirates has continued to improve despite sliding home prices, the International Monetary Fund said, in a sign that the UAE is coping better with a real estate downturn than it did in the last slump seven years ago.

Dubai's average residential real estate price plunged 11 percent in 2015 and in neighbouring Abu Dhabi prices sank 0.8 percent, the IMF said in a report on Wednesday after annual consultations with the UAE government.

But non-performing loans in the construction and real estate development industries shrank to 7.5 percent of the total at the end of March 2016 from 12.3 percent in 2013, the IMF said.

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