City bonuses boost interest in overseas property

Overseas property investment is set to receive a substantial boost through high levels of City bonuses.

According to Overseas Property Professional, a large portion of the £19 billion of bonuses that City workers are to receive this year will be spent on overseas property,

This amount is a 16 per cent increase compared to bonus levels that have previously been recorded, according to official figures, and the interest that professionals have in property has already been demonstrated on domestic soil.

Particular attention has been paid to Westminster, Docklands and the E14 area of east London.

Sajjad Hoque of Live Dubai identified one region overseas property investors are interested in: “We have seen a lot of interest from investors who are looking to spend their city bonuses on property in Dubai.

“The tax-free environment makes for an ideal investment, as bonuses can typically be paid off-shore.”

Another reason for the recent boost in attention paid to overseas property is the concern surrounding equity markets, according to OPP.

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