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News: It's easy to buy in 'dynamic' Dubai

Thu, 11 Oct 07

Investors planning to buy property in Dubai have received a timely boost...

With an average 800 new Dubai work and residency visas currently being issued every day and an estimated 300,000 apartments set to come onto the market in the next four years, Barclays Buying Abroad today launched a new comprehensive property purchase service for people buying homes or buy to let investments in the second largest Emirate.

This latest initiative from Barclays which includes competitive new mortgages in sterling, euros, US$ and UAE Dirham, local accounts and English speaking support teams on-the-ground in Dubai, comes at a time when despite the reputation for high-end, deluxe and luxury residences there are still off-plan apartments available for under £100,000 for example, in the International City area on the edge of the Dubailand park.

Double digit growth

Richard Exton, Director, Barclays Buying Abroad, said, “There has been a real growth of late in the number of multinational businesses opening Dubai offices as the Emirate responds to double digit growth in its economy over the last five years. We are therefore seeing a shift from people looking for luxury holiday or retirement homes to those looking to live and work in the UAE.

“That is adding to the market dynamic and we have seen a major boost in enquiries which convinced us that people are looking for a lot more support to help them through the process out there.”

Over 100,000 Britons have bought in Dubai since 2002 and population and tourist numbers are set to triple by 2010.

Barclays only works with Government approved property developers including Emaar, Nakheel, Dubai Properties and Seven Tides featuring acclaimed landmark developments from Palm Jumeirah, Palm Jebel Ali and Jumeirah Village to Business Bay and The Villa in the Dubailand theme park.

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