close

policy

We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Agree
Disagree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Gender
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

 
 
Latest News

Oh yeah, prove it.

Oh yeah, prove it.

The Dubai Land Department insists that there have been no defaults on mortgages.

4

February 15, 2009 3:02 by



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?



4

Tags: , ,

4 Comments

  1. Rb on February 16, 2009 11:22 am

    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.

     
  2. om on February 16, 2009 5:14 pm

    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.

     

Leave a Comment