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Khaleej Times
21 minutes ago
- Khaleej Times
Dubai: Record mortgage transaction volume reached with over 4,000 loans taken in July
Mortgage transaction volumes surged in Dubai to a new record with a total of 4,891 loans in July, a 9.2 per cent increase month-on-month, as property buyers take advantage of lower interest rates, according to Property Monitor. Data showed that the new purchase money mortgages accounted for 45.6 per cent of activity, up 2.3 per cent from June, with average loan amounts of Dh1.8 million and a loan-to-value (LTV) ratio of 73.7 per cent, slightly above June's 73.5 per cent. Mortgage rates have dropped recently as the US has reduced interest rates from 5.5 per cent last year to 4.5 per cent. Since the UAE dirham is pegged to the dollar, the Central Bank of the UAE also follows the Fed rate policy. Although LTV ratios edged up slightly in July, they remain lower than the historical average of 75-77 per cent, likely reflecting the ongoing influence of Central Bank measures restricting fee and cost financing. 'These tighter conditions raise the upfront cash hurdle for buyers, but the fact that mortgage volumes hit a new record suggests strong confidence among buyers and a more resilient, well-capitalised demand base,' the monthly report said. 'Signs of strain' As the third quarter is underway, Dubai's real estate market continues to operate at historically high levels of activity, but signs of strain are beginning to emerge beneath the surface, said Property Monitor. 'Price growth remains positive, and transaction volumes are on pace to break new records, yet the pace of new supply — particularly from the off-plan segment — raises questions about the market's capacity to absorb this wave in a sustainable manner.' According to Property Monitor data, nearly 93,000 units were launched in the first seven months of 2025 as buyer selectivity is rising, and early indicators of softening absorption are becoming more pronounced. 'Although borrowing activity is strong, the persistence of lower loan-to-value ratios suggests that affordability pressures may start to shape demand more directly in the months ahead,' it added.
Zawya
23 minutes ago
- Zawya
Kuwait: KOTC achieves top ranking in Tokyo MoU flag performance list
KUWAIT -- Kuwait Oil Tanker Company (KOTC) announced Tuesday that it achieved outstanding performance in the latest Tokyo Memorandum of Understanding (MoU) Flag State Performance List 2022-2024, marking a new milestone that reflects Kuwait's strong maritime reputation. In a statement, KOTC said to KUNA that after 30 inspections on vessels under the country's flag, no faults were recorded, leading to Kuwait being classified as one of the highest-performance flag states, on Port State Control (PSC). This was attributed largely to KOTC's operational excellence, as its fleet makes up the majority of country's vessels. KOTC expressed pride in the accomplishment, underscoring its commitment to the highest standards of quality, maintenance, and operations. It added that the General Directorate of Coast Guard, through its Audit and Quality Department and Maritime Transport Department, extended congratulations, emphasizing that this success stems from the continuous and dedicated efforts of all company employees. All KUNA right are reserved © 2025. Provided by SyndiGate Media Inc. (
Zawya
23 minutes ago
- Zawya
Abu Dhabi ruling family's real estate firm closes $817mln financing deal
The Private Department of UAE's Sheikh Mohamed Bin Khalid Al Nahyan LLC (PD) has closed a syndicated 3 billion UAE dirhams ($813 million) real estate financing deal. The 10-year facility will be used to refinance its bank debt, settle sukuk obligations, and support PD's general corporate purpose. The facility is secured by a portfolio of real estate assets across Abu Dhabi and Dubai. The consortium of banks involved in the transaction includes Abu Dhabi Commercial Bank and Mashreqbank, acting as Joint Coordinators and Account Banks. ADCB, Commercial Bank of Dubai and Mashreq acted as Joint Mandated Lead Arrangers and Bookrunners, as well as Hedging Banks. Additional roles include ADCB as Facility Agent and Security Agent, and CBD as Market Hedge Coordinator. Established in 1964, PD is wholly owned by members of the Abu Dhabi ruling family and is the owner of diversified recurring income real estate portfolios, including 2,500 residential units, 60,009 sqm of commercial spaces, and hotels in the UAE capital and Dubai. In 2023, PD settled a $50 million tap of its $300 million senior unsecured sukuk issued in September 2022 and listed on the London Stock Exchange, which came under its $1 billion Trust Certificate Issuance Programme. According to its April 2025 financial report, PD is rated B+ (Stable) by S&P Global, with fixed assets valued at AED 6,230 billion as of 31st December 2024. (Writing by Bindu Rai, editing by Seban Scaria)
