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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?
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4 Comments
The loan to value ( LTV) has been reduced to 50- 60 % on mortgages by most banks . Large no of investors are cancelling their agreements with developers on ‘under construction ‘ properties or defaulting on their payments .
Questions to Rera / Land Dept :
q1. What are investors rights if ‘reservation form ‘ of agreement is cancelled as construction has not commenced.
Q2.The 30:70 rule announced by RERA is applicable from when ?
q3.What can invstors do if construction has nto even started almost a year from launch of project & 25- 30 % has already been paid to developer.
Yeh right… just like Dubai is going to have 2009 positive GDP growth and an influx of immigrants…
Its just embarrassing – beyond a joke. I know 2 people myself who have defaulted on their mortgages with the same lender.