- Home » Expat News » Brit expats in UAE unfazed by falling pound
Brit expats in UAE unfazed by falling pound
| Published: | 11 Oct at 6 PM |
Want to get involved?
Become a Featured Expat and take our interview.
Become a Local Expert and contribute articles.
Get in touch today!
Become a Local Expert and contribute articles.
Get in touch today!
British expats living and working in the UAE are unconcerned about the drop in value of sterling, provided their families are with them.
Amidst disturbing rumours forecasting a ‘hard Brexit’ and last week’s sudden ‘flash crash’ of sterling, UAE-based Britons are saying they have little cause to worry, especially if their families are with them on the overseas assignment. Many receive their salaries in US dollar-pegged dirhams and are only feeling the effects of the crash if they have families visiting from the UK.
One British expat in Dubai told the media the state of sterling has no effect on his disposable income as he has no major investments in the home country. Even so, he’s always monitored events in the UK which may have an effect on his chosen lifestyle, but won’t be purchasing bargain-rated pounds at present as he expects the currency to fall even further.
However, those supporting families in the UK from their salaries are reported as having mixed feelings about the instability of sterling. Those who regularly fly home to visit parents and siblings will be able to factor a little more luxury into their trips, but their loved ones being paid in sterling in the UK may have to forego visiting them for a while due to increased costs. In addition, expats supporting themselves via withdrawals from British-based banks may have to cut their costs of living.
Overseas property investors living in the UAE have yet to adjust to the plummeting pound’s bad news effect on their elite lifestyle. Dubai real-estate brokers are reporting a massive knock-on effect from the Brexit result, with pound sterling-based investors now out of the picture due to the crisis.
Year on year, British property investors have been one of the largest buyer groups by volume, but are now on the retreat. However, sellers considering repatriating their dirhams will be able to reduce asking prices to create faster sales.
Amidst disturbing rumours forecasting a ‘hard Brexit’ and last week’s sudden ‘flash crash’ of sterling, UAE-based Britons are saying they have little cause to worry, especially if their families are with them on the overseas assignment. Many receive their salaries in US dollar-pegged dirhams and are only feeling the effects of the crash if they have families visiting from the UK.
One British expat in Dubai told the media the state of sterling has no effect on his disposable income as he has no major investments in the home country. Even so, he’s always monitored events in the UK which may have an effect on his chosen lifestyle, but won’t be purchasing bargain-rated pounds at present as he expects the currency to fall even further.
However, those supporting families in the UK from their salaries are reported as having mixed feelings about the instability of sterling. Those who regularly fly home to visit parents and siblings will be able to factor a little more luxury into their trips, but their loved ones being paid in sterling in the UK may have to forego visiting them for a while due to increased costs. In addition, expats supporting themselves via withdrawals from British-based banks may have to cut their costs of living.
Overseas property investors living in the UAE have yet to adjust to the plummeting pound’s bad news effect on their elite lifestyle. Dubai real-estate brokers are reporting a massive knock-on effect from the Brexit result, with pound sterling-based investors now out of the picture due to the crisis.
Year on year, British property investors have been one of the largest buyer groups by volume, but are now on the retreat. However, sellers considering repatriating their dirhams will be able to reduce asking prices to create faster sales.
Comments » No published comments just yet for this article...
Feel free to have your say on this item. Go on... be the first!
