London 28/11/07- The Dubai property market has been consistently active over the last few years with huge numbers of overseas property investors buying in the region. The Emirate has also been revealed as the latest celebrity holiday home hotspot by foreign exchange specialist, Moneycorp. Footballers such as David Beckham and Baywatch star Pamela Anderson now own second homes there. Celebrity couple Brad Pitt and Angelina Jolie recently secured their piece of Dubai by buying an island in the shape of Ethiopia. Dubai’s popularity is set to continue and many Brits look to be following the paths of the celebrities.
Said to combine the very best of London, Las Vegas, Miami and Sydney, fantastic weather all year round and labelled the ‘shopping capital of the Middle East’, Dubai is definitely fit for all things synonymous with living a celebrity lifestyle. And the property is popular as it is still undervalued compared to many of these major cities.
For those with a more modest budget – who want a taste of the highlife – finding ways to save money when buying property abroad could make or break the purchase of that dream home. Research shows that Brits purchasing property abroad spend a staggering £19,000 in hidden costs, including money spent on unexpected legal fees and not getting the best deal on foreign exchange.
Nick Bull from Moneycorp says, “When buying property abroad it is very easy to get carried away and forget about more practical issues, like getting the best deal on foreign exchange. Using a foreign exchange specialist, such as Moneycorp, can save you over £3,000 alone. Due to their ability to provide better exchange rates than the high street banks, a currency specialist can help property purchasers save thousands.
“The Dubai currency, the UAE Dirham, is pegged against the Dollar and so follows the same movements as the Dollar against Sterling. With Sterling still trading at over $2 to the Pound, property in Dubai is more affordable than ever before and now is a great time to make that dream of a place in the sun a reality.”
A forward contract with Moneycorp allows clients to fix a favourable rate of exchange for a period of up to two years. This ensures the client protects themselves from adverse currency movements. Moneycorp also helps clients save money by providing expert guidance on the best time to exchange currencies.
It is important not to leave your foreign exchange to chance when making large transaction abroad.
Source: Moneycorp
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