'Brexit effect' hits UAE property prices

Tuesday, 30 August 2016 16:29

The "Brexit effect" has hit house prices in the UAE, a poll of estate agents suggests. According to home-hunting website propertyfinder.ae, which commissioned the survey, Brits who own property in the Emirates have cut asking prices by up to a fifth since the United Kingdom voted to leave the European Union (EU) on June 24. Property Finder Group COO, Paul Stewart-Smith, told ARN more.

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It's thought sellers are dropping prices in response to more favourable exchange rates. The UAE dirham has risen 20% against the British pound since the June 23 referendum on membership of the 28-nation trade bloc. Last year alone, Brits invested the equivalent of AED 140 billion in the UAE.

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