UAE investors rush to snap up real estate in ‘safe haven’ London

UAE investors rush to snap up real estate in ‘safe haven’ London

UAE buyers are flocking to the London property market as the UK records its highest ever sales.The British capital is attracting Dubai buyers who are looking for a second home to diversify their investments, according to experts.

UK property site Rightmove recorded more than £37 billion ($49 billion) of property sales between July 12 and August 8 – the highest ever agreed in a month since it began tracking the housing market more than a decade ago.

“The London market has seen increased interest from UAE buyers,” Stan Ennor-Glynn, head of international residential sales at property firm Savills Middle East told Arabian Business.

“Given the huge effect of coronavirus on the UAE's tourism industry and the weak oil price, locals are diversifying their investments into safe places around the world – and London