Tamweel, the country's largest home lender by volume, may become the first to sell repossessed properties once the legal process is complete, reports The National's Uta Harnichfeger.
Right down, despite the fact that banks are facing losses of as much as Dh23 billion on bad home loans, they have yet to repossess properties, fearing that they may become embroiled in a legal quagmire, Harnichfeger and Travis Pantin report.
But Wasim Saifi, the chief executive of Tamweel, said the Islamic lender would "move to the next step of disposal of proeprties once the legal process of foreclosure is completed." He also said Tamweel "had started the process of foreclosure for a few customers."
And RERA is going global! Gulf News reports that the Real Estate Regulatory Authority (Rera) plans to become an international real estate reference point with the acronym, Menares, which stands for the Middle East and North Africa Real Estate Society.
Nakheel could get extra financial help from the Dubai government later this year as part of plans to repay a $3.52bn (AED21.9bn) Islamic bond, Nasser Al Sheikh, director general of Dubai's Department of Finance, told Arabian Business.
And Emirates Business 24/7 reports that a funding shortfall may require an increasing number of private and single-tower developers to offer part ownership options to investors in their projects, according to experts.