Nearly 200 foreclosure cases are being currently dealt by Dubai Courts and the rate and frequency is likely to increase, top law firms believe.
“Most of the conventional banks have claims and we understand that there may well be around 200 foreclosure cases coming through the courts at the moment,” Michael Dark, Senior Legal Consultant, Dispute Resolution, Hadef and Partners, told Emirates 24/7.
Mazen Boustany, Head of Banking & Finance, Habib Al Mulla & Company, Dubai, who prefers to use the term “mortgage enforcement” than foreclosure, said the crisis affecting the real estate sector in the UAE is leading to an increase in mortgage enforcement.
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