UAE provides $81bln credit to property sector in Q1

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Up to Dh300.5 billion ($81.6 billion) in bank credit facilities was provided to the realty and construction sector in the UAE by the end of Q1 2018, a growth of 12.5 per cent of from Dh267.02 billion in the same period in 2017.

Loans obtained by the sector by the end of March account for around 20.3 per cent of the total lending provided by UAE banks to all economic platforms in the country, which amount to Dh1.472 trillion according to statistics recently issued by the Central Bank of the UAE (CBUAE), reported Emirates news agency Wam.

The lending growth echoes the all-embracing renaissance witnessed by the UAE which is now classified among the world's best-run countries in terms of infrastructure and urban development.

According to official figures, the total credit got by the sector hit Dh281.21 billion by July 2017, growing to Dh295.2 billion in September, and to Dh298.12 billion by the end of the year, before surging to Dh300.5 billion by the end of Q1 this year.

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