26 August 2009

Correction to press release dated 25th of August 2009: “Value of real estate finance in Dubai reaches AED 8 billion in Q2 of 2009”


REIDIN.com announces correction to its press release dated 25th of August 2009, entitled “Value of real estate finance in Dubai reaches AED 8 billion in Q2 of 2009”. The numbers and information included in this press release have been found to be incorrect.

This supplementary press release seeks to correct the information about the market size and transactions connected to financial institutions during the terms mentioned in the previous announcement. Firstly, the information regarding ADCB extending AED 1.86 billion ($506 million) of mortgages in Dubai is inaccurate. These transactions may well represent historic transactions (within the past three years), which have now been registered by Dubai Land Department, registration was formerly held by master and private developers.

Numbers included in the press release and on DUBAIFocus are from the records of the Dubai Land Department (DLD) and do not necessarily reflect an actual financial transaction extended by a financial institution. These numbers registered by DLD on Title Deeds can be financial guarantees or other form of non-financial transactions; therefore, there may be significant differences with the actual numbers extended by the financial institutions on those properties.

The information provided by REIDIN.com services is compiled from a variety of sources (information providers) and provided ‘is is’ without express or implied warranty. There is a possibility that the collated information might not be complete. In line with this, we advise individuals or groups to make their own independent enquiries and treat any information provided on REIDIN.com or RERA/DLD sources as a guide, which should be supplemented by further research.

For more information, please contact:
Nida Rizvi, REIDIN.com
Tel. +971 4 433 13 98

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