August 21, 2008
Dubai's new law on mortgage
(DUBAI) Dubai newspapers are reporting that the local government has
issued a mortgage law aimed at regulating the city-state's booming
property market.
Yesterday's reports in the Khaleej Times and the Gulf News say that the
law requires that mortgages be insured, sold by approved banks,
registered with local authorities and that they specify the property
value and terms of the loan.
They say the ruler of Dubai, Sheik Mohammed bin Rashid al-Maktoum,
issued the decree on the new law. It will take effect 60 days from
publication.
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