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Property Buying Boom for UAE Expats as Investors Look to UK Housing Market

A rush to buy property in the UK following the severe weakening of sterling (GBP) is seeing the launch of new products and services for expatriates in the UAE needing a mortgage. Changes in tax regulation and stamp duty on buying a UK property mean it is not as simple as it once was to enter the buy-to-let market in Britain whilst living abroad. But with earning in UAE Dirhams (AED) being worth a lot more in GBP post-Brexit it is an option many investors are keen to pursue. 

Dubai-based wealth management company Globaleye estimate a year-on-year increase on enquiries in this area to be up by 24 per cent. 

Globaleye’s Mortgage and Wealth Manager Paul Borg says: “We have seen a large increase in demand from people wanting mortgage and property investment advice in the last few months. This is due to the weak pound and low interest rates which makes it the best combination for overseas investment particularly in the UK. But we can also attribute it to investors wanting to broaden their financial portfolio with different investments.

“Regardless of whether the property is a family home or an investment, the financial benefits of borrowing money to make the purchase outweigh the disadvantages.”

The company has found that current and potential clients are showing particular interest in the buy-to-let market, with many looking to release equity from existing properties to add to their portfolio and fix rates for two years or more whilst borrowing is so cheap.  

But as a non-UK resident trying to obtain a mortgage for the UK can be a long and arduous process as UK banks are restricted to who they can service by the regulator. There are also tax regulations and stamp duty costs for expats which can be a mine field for anyone without experience. 

Mr Borg says: “Globaleye have arrangements with all the major international lenders who can provide loans for non-UK residents borrowing for a UK property. Not only can we search the market for the best solution for clients we can also manage the entire application from start to finish in the UAE using solicitors and auditors within our company. We also work hard to ensure the borrower can afford the payments for the long term should there be a change of circumstance.” 



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