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Wednesday, 4 January 2017

Dip in UAE interbank rate could ease mortgage payments | The National

Dip in UAE interbank rate could ease mortgage payments | The National:
"Homeowners in the UAE may see some relief in their monthly payments if a recent slide in the interbank rate – used as a benchmark for most mortgages in the country – continues.

The 4.4 per cent drop in the benchmark three-month Emirates Interbank Offered Rate (Eibor) to 1.38 per cent this week may also give the sluggish housing market a fillip. Last year, that measure rose by 39.9 per cent.

"The fundamentals of the housing market in the UAE look good, but people are acting cautiously and all it takes is a few pieces of good news or confidence-inspiring news," said Andrew Covill, the director of the property agency Henry Wiltshire.


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