The value of mortgages issued in Dubai topped Dh8 billion ($2.18 billion) during the second quarter, compared to Dh7 billion in the first quarter, according to a report.

The report by ‘DubaiFocus’, a product of Reidin.com, revealed that 39 banks registered 1,365 mortgages in Dubai during the second quarter of 2009. Abu Dhabi Commercial Bank (ADCB) extended mortgages worth Dh1.86 billion, from the 91 transactions it undertook within the 3-month period. This was followed by Dubai Islamic Bank (DIB), which has registered close to Dh1.83 billion from its 151 transactions, while the National Bank of Dubai (NBD) financed over Dh1.07 billion in mortgage loans in a total of 80 transactions finalised in the previous quarter.

DubaiFocus is a product brought out in partnership with Rera and the Dubai Land Department.

“At present, the UAE is witnessing a downward correction in loan-to-value ratios as the market dynamics continue to shift, thereby making the Dubai property market more accommodating to buyers and end-users,” said Ahmet Kayhan, chief, Reidin.com.

“With more banks offering competitive lending ratio especially during this economic downturn, it is no surprise that Dubai’s mortgage market has amounted to such staggering value despite the slowdown. The information from ‘DubaiFocus’ establishes a positive trend for the mortgage market, among other data that can provide valuable insights to guide users in making informed decisions.”

‘DubaiFocus’ is the most detailed and up-to-date information source on real estate investment deals for the Dubai market based on a comprehensive database going back to 1973. It also incorporates time-saving functions such as heat maps, graphing facilities and customised chart and analysis tools, he explained..-TradeArabia News Service