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Banks situation at this point....

Discussion in 'Dubai property' started by MASHH, Dec 21, 2008.

  1. MASHH

    MASHH New Member

    The group CEO of a local bank in Dubai had a big meeting with the departments in the bank to give all the employees a bit of an idea about whats happening.. " our bank is in a good position at the moment were expanding localy but not globaly as planned due to the situation", some of the concerns were will the banks still give mortgages and he replied " no plans at the moment to start the department again to work anytime soon due that all banks at the moment are at the same track, we will wait to see how the market trend is going then plans will be made" he also assured that non of the staff will be fired which gave everyone a big smile in their facess and a relief...

    other banks are still doing mortgages till now but on case to case basis so it would take ages for a case to get approved, big local banks will survive and compete, am not sure if i can trust international banks at this point of time..

    I beleive that Dubai property market will take some time and at this stage it wont be more thant 8 months from now hopefully, as by the begining of 2009 banks will start mortgages again but in a totally different way and it wouldnt be easy, before bankers would beg clients for mortgages now its the other way around...

  2. loai

    loai New Member

    lets hope they start giving financing soon again, as its been a disaster till now...
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