New legislation opens doors for UAE buyers into European property market
The recent decision by the European Union to grant Emiratis visa-free access, cross border property investment is expected to receive a tremendous boost, according to leading international real estate consultancy, Cluttons.
Faisal Durrani, Cluttons’ International Research Manager explained: “There is no doubt that visa free travel to the Schengen area for Emiratis has unlocked the door for a significant potential upturn in cross border property investment. The added benefit of the weakness of the Euro means that Dirham buyers are now about 23% richer than this time last year, in Euro terms. This clearly makes an EU based property investment particularly attractive.”
According to Cluttons the London housing market is now poised to come out of a holding pattern that stalled growth in the lead up to one of the most closely contested elections in recent history.
“Vendors and investors withdrew from the market early in the year and activity was trending downwards across the board. While we do not anticipate a sudden surge in demand this year, the stability offered by a landscape of political continuity is expected to translate into a resumption in transactional activity, which will of course remain curtailed by a general lack of supply and restrictions on mortgage lending,” adds Durrani.