Oh yeah, prove it.
The Dubai Land Department insists that there have been no defaults on mortgages.
February 15, 2009 3:02 by Dana El Baltaji
A senior official at the land department insists that there have been no mortgage defaults recorded in Dubai, despite the effects the credit crunch has had on the emirate, reports Arabian Business. “No mortgage defaults have so far been recorded. As far as we know nothing has been officially recorded.” Mohammed Sultan Al Thani, assistant director general at the land department.
If that’s true, why doesn’t the land department release some numbers to prove that there have been no defaults? What’s wrong with a little proof? Investors need hard facts…preferably accurate ones.
And if no one’s defaulted on mortgages, why aren’t the banks releasing credit to the public?