Dubai property proves appealing

Professional landlords are increasingly looking to overseas property investments as opportunities in other countries prove more profitable.

The Sunday Times has reported that countries such as Dubai, Bulgaria and Canada are proving particularly popular with people hoping to find property abroad. They are looking especially attractive given the fall in buy-to-let rental yields in the UK.

The Dubai property market is expected to be given a significant boost by a recent change in the law, allowing freehold purchase of property in certain areas.

An increase in the number of Dubai mortgages available is expected to stimulate competition and drive down interest rates, but Kevin Fleury of Conti Financial Services told the Times that any potential overseas property investors should still exercise caution.

He said investors lack an “exit strategy” in Dubai, warning that oversupply could leave homeowners unable to sell.

However, Barclays spokesman, Phillip Ward, said that the Dubai property market showed no sign of losing momentum.

“Schools are being built, creating demand for teachers and admin workers,” he explained, while international business continues to flourish.

Last week Barclays joined HSBC and Lloyds TSB in offering Dubai mortgages. Investors can choose a buy-to-let, owner-occupier or off-plan mortgage, available in a range of currencies: pounds sterling, dollars, euros or local dirhams.

Looking to buy or sell Dubai property? Then keep up to date with the latest property news, guides and information at
<A href=”” </A>

© Adfero Ltd

Compare listings