PHOTO
05 July 2016
Dubai: Dubai developer Emaar has launched a marketing campaign in London to promote its latest Dubai project, despite experts warning that the United Kingdom's (UK) decision to leave the European Union (EU) could impact British investment in the United Arab Emirates (UAE).
The developer behind the Burj Khalifa - the world's tallest building - has launched apartments in its new II Primo skyscraper scheme at an event in upmarket London department store Harrods, it said in a press statement on Monday.
The 119 apartments are priced from 3.5 million British pounds ($5 million) and are located in The Opera District in Downtown Dubai.
"Currently there is huge uncertainty in the London property market and uncertainty over second home ownership in the EU in future - hence the Dubai promotion," Simon Barry, new developments director at sales agent Harrods Estates, said in a press statement.
The move comes despite fears last week the UAE real estate market will face an immediate decline in investments from the UK as a consequence of the pound's sharp fall following Britain's decision to exit the EU.
"In the short term, the weakening of the pound means it is more expensive for UK investors to purchase property and therefore people may decide to hold off on investing," Declan McNaughton, Managing Director UAE, Chestertons MENA, told Zawya Projects.
Sajid Ali, Director of Sumansa Exhibitions, the organisers of the Dubai Property Show in London and worldwide, agreed that the turmoil in currency markets is likely to make British investors wary about fresh investments."Momentarily, the sentiment is down," he said, but added that the concern is more "psychological" considering that the fluctuations are minimal when compared to other global markets.
Emaar said over 19,000 British nationals currently own property in Dubai.
Click here to read the full analysis from Zawya Projects:
Brexit to impact UK investments in UAE real estate - industry experts
© Zawya 2016
Dubai: Dubai developer Emaar has launched a marketing campaign in London to promote its latest Dubai project, despite experts warning that the United Kingdom's (UK) decision to leave the European Union (EU) could impact British investment in the United Arab Emirates (UAE).
The developer behind the Burj Khalifa - the world's tallest building - has launched apartments in its new II Primo skyscraper scheme at an event in upmarket London department store Harrods, it said in a press statement on Monday.
The 119 apartments are priced from 3.5 million British pounds ($5 million) and are located in The Opera District in Downtown Dubai.
"Currently there is huge uncertainty in the London property market and uncertainty over second home ownership in the EU in future - hence the Dubai promotion," Simon Barry, new developments director at sales agent Harrods Estates, said in a press statement.
The move comes despite fears last week the UAE real estate market will face an immediate decline in investments from the UK as a consequence of the pound's sharp fall following Britain's decision to exit the EU.
"In the short term, the weakening of the pound means it is more expensive for UK investors to purchase property and therefore people may decide to hold off on investing," Declan McNaughton, Managing Director UAE, Chestertons MENA, told Zawya Projects.
Sajid Ali, Director of Sumansa Exhibitions, the organisers of the Dubai Property Show in London and worldwide, agreed that the turmoil in currency markets is likely to make British investors wary about fresh investments."Momentarily, the sentiment is down," he said, but added that the concern is more "psychological" considering that the fluctuations are minimal when compared to other global markets.
Emaar said over 19,000 British nationals currently own property in Dubai.
Click here to read the full analysis from Zawya Projects:
Brexit to impact UK investments in UAE real estate - industry experts
© Zawya 2016
