Corporate foreign exchange news

There has been a dramatic rebound in mortgage lending in the Dubai property market, official figures have shown.According to the Dubai Land Department, total mortgage lending for July 2009 stood at £1.3 billion, compared to £1.14 billion during the whole of the second quarter.Meanwhile, a separate report from Colliers showed that while real estate prices continued to fall in the second quarter, the number of transactions increased by 50 per cent quarter-on-quarter.Commenting on the figures, Nick Marr, chief executive of Homesgofast.com, explained that while many realtors believe that the worst is over for the Dubai market, foreign investors will be unlikely to benefit from the rebound in mortgage lending as conditions for non-residents are prohibitive."Mortgages in Dubai work differently to most countries in that the banks do not automatically provide mortgages on all developments. Developers must apply to individual lenders to have mortgage options associated with their developments," he explained.