Arab Today, arab today 100 uae mortgages will have minimal impact
Last Updated : GMT 06:51:35
Arab Today, arab today
Arab Today, arab today

100% UAE mortgages will have minimal impact

Arab Today, arab today

Arab Today, arab today 100% UAE mortgages will have minimal impact

Abu Dhabi - Arabstoday

Plans by UAE lender Emirates Islamic Bank (EIB) to offer 100 percent mortgages will have “minimal” impact on the Gulf State’s home finance market as they will not be available to expatriate buyers, who make up 85 percent of the market, a Dubai-based consultant told Arabian Business. The lender announced yesterday UAE citizens would be offered full home financing through a new Shariah-compliant mortgage scheme, with rates starting at 4.99 percent. Bina’a, meaning ‘to build\' in Arabic, is the only product in the country that offers 100 percent financing, the state-controlled lender said. Customers can finance an existing or new-build property and can fix their rate and installments for as many as five years, it added. While Jean-Luc Desbois, managing director of mortgage consultancy firm Homematters, welcomed the move and said it would be “positive for the UAE market,” he believed it would have a very limited impact. “The impact of this move will be minimal, simply on the basis that it is not available to expatriates, whom make up approximately 85 percent of the population,” he added. In terms of the wider market, analysts told Arabian Business last year that the debt crises in Europe and the US will make mortgage financing more difficult in the UAE this year, and could stifle recovery in the sector. “Mortgage finance will become more difficult as deposit levels appear to have come down again at the banks, and the European/US banks will be reducing their interbank lending which will affect the UAE banks,” Charles Neil, CEO of Dubai-based estate agency Landmark Properties said. Dubai was one of the hardest hit real estate markets in the Middle East when the global financial crisis saw prices tumble nearly 60 percent and half of projects were put on hold or cancelled. Investment bank Citigroup reported last year the value of construction projects scrapped or on hold in the UAE soared to US$958bn in the 12 months to October 2011.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today 100 uae mortgages will have minimal impact Arab Today, arab today 100 uae mortgages will have minimal impact

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today 100 uae mortgages will have minimal impact Arab Today, arab today 100 uae mortgages will have minimal impact

 



Arab Today, arab today Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 08:23 2017 Saturday ,24 June

Actress Feryal Yussef received new drama offers

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday