Brexit begins to hit Dubai property sector

A straw poll by Dubai’s leading real estate portal, propertyfinder.ae,  of several of the emirate’s top real estate agencies, has indicated that the anticipated ‘Brexit effect’ has reached the local market.

Although still early days after the controversial referendum in June which saw the United Kingdom vote to withdraw from the European Union, international markets have been waiting anxiously to see what the larger implications will be

And according to an early gathering of feedback from propertyfinder.ae’s closest partners, there are already two distinct short term effects being felt in Dubai.

On the one hand, a small but noticeable number of UK owners with property for sale in the emirate have reduced their asking prices – taking advantage of the weak pound against the dollar/dirham.

On the other hand, a number of UK investors that had expressed interest in buying here are now apparently holding back.

“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,” commented Lukman Hajje, Chief Commercial Officer at propertyfinder.ae.

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