Banks in the United Arab Emirates are tiptoeing back into real-estate lending.
As the region's economy improves and some sections of the real-estate market show signs of stability and growth, banks are cautiously beginning to lend again. But they are imposing more stringent conditions than before.
"The general market sentiment on real estate is more positive now than it was 12 months ago," said John Chang, head of retail banking at Dubai-based lender Noor Islamic Bank. "Bank liquidity is growing as the interbank lending rate is coming down, and in general banks now have higher capital-adequacy ratios than those required by the central bank."
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