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Talking Up Repossession Property in Dubai Unwise

The 2008 Dubai mortgage law has been proved and homes can be repossessed in Dubai if a buyer defaults on a mortgage, but that does not now mean Dubai is about to become a foreclosure hotspot with repossession bargain property for sale

Published in: Property in Dubai - Fri, July 02, 2010

There has been a flurry of media excitement this last week focused on the property market in Dubai now that Tamweel, Dubai’s second biggest Islamic mortgage company by assets, won the right to repossess five homes in the emirate.  Headlines have suggested that Dubai will become the next foreclosure hotspot where investors and speculator will be able to buy bargains.

However, talking up the repossession property market in Dubai is very unwise for many reasons which we will explore in this report.  For a start, any repossessed homes will be a long time coming back to the market – what’s more, speculators and investors got Dubai into the mess it’s in, therefore you can guarantee that the powers that be will not want to welcome them back by offering them a veritable flood of repossessed homes for sale at bargain prices.

If you’re looking for a more realistic take on the property market in Dubai now that homes are finally being repossessed when buyers default on mortgage payments, you will find it here.  Any fantasies you harbour for picking up an offshore island in Dubai for a rock bottom price may be damned however!

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