Qatar Real Estate News
IBQ, Damac sign mortgage pact
The International Bank of Qatar (IBQ), together with Damac Properties has signed pact to offer mortgage finance to buyers of Damac properties in Qatar.
The Deputy General Manager of IBQ, Peter Wikes, says -We are pleased with our partnership with Damac Properties, which has established a big name in realty market. Our mortgage team assures that any customer purchasing a home from Damac in Qatar, will receive sound financial advice and all formalities will be finalized in a more simple and smooth manner. Even non-customers can avail of IBQ’s expert service.
IBS has revealed that flexible terms and conditions, including variable repayment terms and no repayment option will be kept open until completion of the property.
Peter Riddoch, Chief Executive of Damac, expressing his pleasure over their partnership with IBQ, mentioned that as far as Damac is concerned, Qatar is a strategic market, and the country is fast emerging as an important center of business activity in the region. He added that Damac has several plans that involve their involvement in most upcoming projects in Qatar.
“As per estimates, about 200,000 families are likely to move to Qatar during the next three years, and about 500,000 families will enter Qatar by 2012. We hope that this would be the right time for Damac to tap into this market aggressively and expand our presence. Hence our partnership with IBQ is valuable,” he added.
Posted on 4/6/2008