The UAE Central Bank has back tracked on new draconian mortgage loan-to-value limits and says this was only intended as a warning to the banks about what new controls it might impose from the middle of the year in a review of mortgage regulations. It even blamed misreporting by the media.
The overwhelming pressure from the powerful property lobby and the banking sector apparently had nothing to do with this ‘clarification’ of the bank’s position. The local real estate sector will breathe a huge sigh of relief and prepare for a boom in business to beat the new deadline.
UAE Central Bank will not now impose new mortgage controls until mid-year signaling property boom « ArabianMoney
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