DUBAI IS ‘CASH­ING IN ON BREXIT’

7 Days in Dubai - - CITYSCAPE 2016 -

Dubai is reap­ing the re­wards of the UK’s de­ci­sion to vote for Brexit. The city is well-placed to cash in on the per­ceived un­cer­tainty around the prop­erty mar­ket in the UK, ac­cord­ing to the CEO of Core Sav­ills, David God­chaux. “Post-Brexit, peo­ple are re­assess­ing their pri­or­i­ties on whether to in­vest in mar­kets or not,” said God­chaux, speak­ing at Cityscape yes­ter­day. “There has been a trend of in­vestors want­ing to di­ver­sify. Post-Brexit there is a lit­tle bit of un­cer­tainty, maybe not on a huge scale, but un­cer­tainty none­the­less over the mar­ket in the UK and it will take two to three years for that un­cer­tainty to clear. “In the mean­time, in­vestors are now look­ing at Dubai in­stead of the UK. “They are think­ing ‘why wait years to see how the mar­ket goes when we are next to what is pos­si­bly the most sta­ble city and mar­ket in a re­gion of 1.2 bil­lion peo­ple’. “Dubai is the most sta­ble and es­tab­lished city in this re­gion and it gives ex­tremely high yield re­turns.” It is not a trend that God­chaux is sur­prised by. “Even be­fore, the UK voted for Brexit, peo­ple were start­ing to ask why not buy in Dubai?” he added. pa­trick@7days.ae

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