Dubai, Aug 24 - The value of mortgages issued in Dubai in the second quarter of 2009 reached $2.17 billion, WAM news agency reported, quoting real estate online information company Reidin.com.

'With more banks offering competitive lending ratios especially during this economic downturn, it is no surprise that Dubai's mortgage market has amounted to such staggering value despite the slowdown,' said Reidin.com CEO Ahmet Kayhan.

'At present, the UAE is witnessing a downward correction in loan-to-value ratios as the market dynamics continue to shift, thereby making the Dubai property market more accommodating to buyers and end-users,' he added.

Statistics released by Reidin.com showed that 39 banks registered 1,365 mortgages in Dubai during the second quarter of 2009.