The amount of money lent to buy or refinance property in the UAE has flatlined, according to the latest Central Bank data, contradicting increasing signs the country's property market is picking up.
Lending to the property sector as a whole reached Dh240.6 billion (US$65.5bn) during the second quarter, the same amount as during the same period of last year, the data showed. On a quarterly basis, property loans rose 0.3 per cent from Dh239.9bn in the first quarter.
The three months to the end of June marked at least the fourth quarter in a row of stagnant property lending - a big change compared with the boom years when double-digit rises were recorded.
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