Dubai Government issues new mortgage law - 26th August 2008
Last week, the Dubai Government issued a new mortgage law to help better regulate the emirate’s booming property sector.
Coming into effect 60 days after its official publication, the 35-article law, based on international best practices, stipulates that mortgage contracts must be registered with the Dubai Land Department, specifying the size of the loan, the repayment period and the value of the property to which the loan is linked.
The new law also requires that mortgages taken out on Dubai properties should be sold by registered financial institutions and should be insured. The borrower and the lender will have to present complete financial documents when the mortgage is registered.
Officials say the new law will help better regulate the emirate’s growing housing market, partly tainted by project delays and corruption probes.
Simon Conn, Sales and Marketing Director at Conti Financial Services, which specialises in arranging Dubai mortgages says: “Dubai is a fast growing market, where rising property prices are influencing the investments of property buyers and low interest rates are continuing to stimulate demand.
“This new Dubai mortgage law will strengthen regulation in the property sector, boost investor confidence and ultimately help the property market in Dubai to really flourish.”
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