The property market in Dubai might very well be coming to a head and expats from European countries are cashing in due to the favorable exchange rates.
Declining currencies in Europe and the UK, when compared to the dollar-pegged United Arab Emirates Dirham, gives a rare chance to cash in for expats who have been enjoying a more than 50 per cent increase in home values in the two years through 2013.
House prices have already been coming off highs due to changes from policymakers that were designed to avoid a property bubble, as well as the oil price crash, falling around 18 per cent last year. However, the favourable exchange rates mean that an expat selling their property in Dubai can transfer that value into an asset back home.
Furthermore, the timing is right, as S&P predicts a decline in house prices between 10 and 20 per cent in 2015 alone. For expats, it’s a good time to be making use of those favourable exchange rates. But keep an eye on the property market in Dubai, as the decline will likely turn back around when oil prices recover.
For more information about currency market or overseas money transfers, visit www.currenciesdirect.com
