The increase in cash and bank balances has resulted in current assets estimated at Dh295.3 million on March 31, 2022, compared to Dh292.3 million on December 31, 2021.
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The country's real estate sector has been a foundational pillar of the UAE's non-oil economy, and policymakers have always employed a proactive approach to boosting investments in the sector.
The rate cut will lower the debt burden for borrowers and encourage people to invest in real estate, among other sectors. In addition 3and low prices, lower mortgage rates could boost demand for real estate, which in turn, will help absorb the supply and activate other sectors of the economy.
Flexible lending for real estate
In 2018, the Central Bank removed the 20 per cent cap on real estate lending, which was determined by the total deposits of a bank. Over the past year, the governing body consulted with lenders in the country to propose a framework which will help control the banking industry's exposure to the real estate sector, thus providing a backstop to flexible lending.
In 2019, the Central Bank of the UAE reduced the three per cent early settlement fee for mortgages, bringing it down to one per cent, or Dh10,000, whichever is less.
Amira Sajwani is senior vice-president at Damac Properties. Views expressed are her own and do not reflect the newspaper's policy.
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