June 24, 2010
The 1st public auction of reclaimed mortgage properties is anticipated to be held the month after next at the Dubai Land Department Offices. Despite numerous statements claiming that there were no foreclosures in Dubai,we reported on this phenomenon at the beginning of 2009, but with no laws in place and numerous hastily produced new laws – at last some repossessions will – maybe – come to market. Navigating strict Sharia laws against money lending with interest and “unusual” private property laws seems to have been the delay. As interest cannot be charged, and no one in the past having dared not to repay a loan, it will be interesting to see how this plays out.
