UAE cen bank won't impose mortgage cap - governor

realiste Sunday, 27 January 2013 11:01 AM - uae

not really.
Well intentioned approach to a problem, but not thought out properly.
That happens here as we know far too regularly.

Up to you whether you buy or not.
So glad I didnt even when mortgages were flooding the market.
I think long term usage, not short term contract subject to someone else's whim.

K Monday, 21 January 2013 10:31 PM - UAE

This was purely a commercial scam to make people jump to the occasion and buy as fast as possible thinking that the law will pass...so disappointing...

Ahmed Monday, 21 January 2013 10:30 PM - uae

Finally sense has prevailed. Although I believe there is a basis for a cap in the long run in this market, now is certainly not the time when the economy is recovering after having taken a brutal flogging and when liquidity is vital. Especially, a cap so drastic was unwarranted. Moreover, it would be useful if policies are thoroughly analysed and all parties are consulted before implementation, rather than a whimsical kick out of the blue.

PAD Monday, 21 January 2013 7:15 PM - UAE

Very Nice . I am sure that this will be healthy and also that the Banks will ensure good whetting before they dole Mortgages . Even a 100% loan will be healthy for people who will not default

Crazy Monday, 21 January 2013 7:14 PM - Pakl

This is ridiculous. Sellers have now become even bigger lions and bumped up their prices higher. And i thought the cap was being introduced to 'control' the market. It couldnt be more out of control now!

Rich Dad Poor Dad Monday, 21 January 2013 3:57 PM - Dubai

Ok Ladies and Gentleman , I am very happy with this news and like to inform that I have just increased the price of my unit by 15%.
I hope this will not cause too much inconvenience.

PRA Monday, 21 January 2013 10:28 PM - UAE

I will buy it from you at 20% premium as I can now afford it .50% downpayment on a property that is 15 or 30% down is just not practical .

nabi Monday, 21 January 2013 7:15 PM - iran

Dear
hi
i need 50000 AED for buy home
can you cooperate by me?
please responce
regards
nabi

Steady Monday, 21 January 2013 2:51 PM - UAE

This is hilarious, just look at the poll results on the same subject and same page, a full 50% vigorously sided with the (now defunct) central bank cap!

SAM Monday, 21 January 2013 12:37 PM - uAE

Great news! Thanks to the Central Bank Governor for taking this reasonable approach. Let all the banks sit together with Central Bank and decide on a plausible solution. The DBR of 50% of total income is already in place. Do we really need a cap on mortgage limit after that ?

poetic justice Monday, 21 January 2013 12:37 PM - uae

this is hilarious. the central bank is now backtracking in the light of its poor decision and resistance from the banking sector, and is blaming the media to cover its tracks. priceless!