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UAE mortgage lending up 25 pc in Q2, says HSBC

August 16, 2009 3:40 by Dana El Baltaji

Mortgage lending in the UAE rose by 25 percent in the second quarter of 2009, compared with the previous quarter, according to published comments in Emirates Business.

“The growth in Q2 over Q1 is more than 25 percent. As price expectations between sellers and buyers are converging, there are more transactions happening both for property sales and mortgages,” said Venkatesh Srikantan, regional head of Assets and Liabilities, HSBC Middle East.

“There is an increase in demand especially from end-users who missed the earlier property booms and are now happy to purchase property at these price levels,” Srikantan added.

He did not elaborate on the value of the lending.

Tags: HSBC, mortgage lending, UAE