UAE banks appear to be maintaining a cautious approach towards mortgage credit as loans to the real estate sector slumped by nearly Dh1 billion in the first quarter of 2012 to extend a decline through 2011.
Official data showed total mortgage credit provided by the country’s 23 national banks and 28 foreign units shrank to around Dh160.8bn at the end of March from Dh161.5bn at the end of 2011.
Mortgage loans have already dropped by about Dhtwo billion through 2011 to reverse a steady growth over the past few years despite the 2008 global fiscal distress, showed the figures by the Central Bank.
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