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FINANCIAL NEWS
UAE’s real estate mortgage credit contracts by USD816m
05 Jan 2012
(MENAFN) UAE’s Central Bank said that in 2011’s first nine months, real estate mortgage credit fell by around USD816 million, to USD43.58 billion, compared with USD44.4 billion in 2010’s same period, reported Emirates 24/7.
The bank added that at the end of September, total domestic credit rose by around 2.6 percent to USD271.68 billion, from USD264.60 billion at the end of 2010.
It also said that total assets soared by around USD17.69 billion, from USD438 billion at the end of 2010, to reach USD455 billion at the end of September, whereas claims on the government increased to USD28.72 billion, compared with USD27.19 billion.
It is worth noting that mortgage lending activity in the UAE hit an all time high during 2008, when credit surged by around 123 percent from 2007’s USD15.35 billion to USD34 billion at the end of 2008.
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