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
Apple facing $2.7 billion UK lawsuit over 'unfair' app tracking rules
Middle East Energy 2026 opens in Dubai
Shein shares slide in Hong Kong debut on worries about trade, regulatory risks
DWTC gears up for packed calendar of events and exhibitions
UAE, Egypt continue cooperation on Banque Misr branches
