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.
Listen
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.Listen
Abu Dhabi hotels generate AED 611 million in March revenue
Abu Dhabi plans next big business hub
World Bank cuts global growth forecast as trade tensions heighten uncertainty
Meraas unveils Jumeirah Residences Emirates Towers
US and China set for trade talks in London
