UAE Addresses Foreign Property Mortgage Ceiling
The UAE (United Arab Emirates) has seen legislation introduced this January into the real estate sector which is aimed to address loan coverage and consumer protection.
In a circular from legal firm DLA Piper LTV''s (Loan to Value) limits on expatriate property buyers have been set at 50% for off plan purchases.
Clearly this move is set to address property speculation and ensuing defaults.
Maximum loan terms have been set at 25 years.
Also addressed is wider disclosure of mortgage documentation.