Issue No 290 - 10 Nov 2008
Emaar extends mortgage repayments

Emaar Properties said on Friday it had started extending the time period for customers to repay mortgages as liquidity constraints in the local banking sector had made it harder for customers to secure home finance.

Issam Galadari, Emaar Dubai chief executive and managing director of the group's international operations, said the Arab world's largest developer by market value was also planning to launch two projects in Dubai next year worth at least $5 billion each, although it would monitor market conditions.

'The credit crisis has affected everybody. We have extended the time for them (clients) to pay their money,' Galadari told Reuters in an interview on the sidelines of a World Economic Forum meeting.

'We introduced this about a week, 10 days ago.' Galadari said Emaar would keep this policy for a 'while' until people found it easier to secure funding.

'We have to rely on these (financial) institutions they are financing our customers and we have pre-sales,' he said.

Galadari said the group was 'watching the market', but had yet to cancel or put back any projects.

'There are a lot of projects on the drawing board there are two in different areas in Dubai for next year,' he said. ‘We are working on these, but it will depend on the market.’

Source: Trade Arabia News

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