World Economy

Dubai Property Market Feels the Brexit Bite

Dubai Property Market Feels the Brexit BiteDubai Property Market Feels the Brexit Bite

The short-term impact of Britain’s vote to leave the European Union has hit Dubai’s property market, according to a new survey, Albawaba reported. A local property site owner said it spoke to several real estate agencies in the emirate regarding the impact of Brexit, with respondents noting two distinct effects being felt in Dubai. The first was a “small but noticeable” number of UK owners with property for sale in the emirate reducing asking prices to take advantage of the weak pound against the dollar-linked dirham. While the second has seen a number of UK investors that had expressed interest in the emirate holding back. It said it recorded an 8% drop in traffic from the UK immediately after the announcement, although this had begun to reverse in recent weeks. “We always keep close tabs on the performance of the local market, so post-Brexit we have been putting out feelers with the leading agencies to see what the mood is–and they have reported these parallel trends, which were to be expected,” said CCO Lukman Hajje.