UAE mulls new mortgage system
UAE home market is going through difficult period and to stimulate recovery in the home and real estate market, UAE is planning to initiate a new mortgage system, which will be similar to the system used in Denmark.
The Dubai International Financial Centre has introduced a new home loans system. It has introduced this system after a detail research and feasibility study of the plans.
The Centre has also analyzed the financial and business gateway between the regional and the global market.
Meanwhile, news agency WAM has reported that the new mortgage system includes private residential mortgages as well. This is going to be funded by issuing standardized bonds. Issuing bonds, the authorities are looking forward to create a large and liquid mortgage bond market.
The new system will come into operation in next 18 months as announced by Dr Nasser Saidi, chief economist and head of External Relations, DIFC Authority.
He also said that all the commercial banks, mortgage banks, construction companies and developers, regulators, investors and stock exchanges are welcoming the new feasibility study. By following this Danish model, home owners will not end up with negative equity in their homes. It will allow the homeowner to retire their mortgage.
New Zealand News
- Porsche reportedly developing electric version of 718 sports car
- Tesla Model Y Performance becomes little bit more expensive to order in China
- Porsche’s recently unveiled Mission R Concept previews electric race cars of future
- Chinese manufacturer GAC’s Aion V e-SUV can charge 0-80% in just 8 minutes
- Oshidori International exits Japanese casino race, citing serious ethical irregularities
- Italian motorcycle racer Valentino Rossi enters e-bike business with VR46 MTB range
- Micro Mobility shows off production version of Microlino 2.0 and 3-wheeled e-scooter
- Chinese electric motorcycle maker Evoke Motorcycles to set up shops in Spain
- TenneT adds more electric BMWs to study use of EVs to support power grids
- Italy’s ASPI announces plans to install cross-country ultra-fast EV charging network