6 December 2012
Dubai Not Heading Towards New Property Bubble – CEO Of Noor Islamic Bank
According to Hussain Al Qemzi, the CEO of Noor Islamic Bank, Dubai is not heading towards another property bubble despite the fact that property prices and mortgage lending have increased. He disagreed with those who think Dubai is on the brink of another property bubble.
As per the data of REIDIN, mortgage lending in Dubai has increased by 25% to US$323m from US$258m in Q3 2012 as compared to the year ago period. The value of sale transaction during the same period in 12 months increased from US$704.9m to US$886m…