A new cap on mortgage lending in the UAE will help regulate the real estate market better, but could be restrictive for a middle class aspiring to buy their own homes, the top executive at Dubai-based developer Nakheel said Wednesday.
The UAE central bank issued new regulations this week that limit the amount that expatriates and nationals can borrow to buy properties, a move seen by many analysts as largely designed to curb speculation as real estate prices recover.
“I believe it is a good thing to introduce such a regulation by the central bank, as there has been no rules to regulate the market in the past where the cap would reach as much as 90 per cent,” Ali Rashid Lootah, Nakheel’s chairman, told Zawya Dow Jones in a telephone interview.
Nakheel chairman says mortgage law to regulate real estate | GulfNews.com
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