According to the international real estate consultations agency “Cluttons” property seekers from the Middle East will gain from Britain detachment, unlike current investors who suffered from heavy losses after the pound plunge.
Profit margins have plummeted especially for GCC investors in the British capital whose local currencies are pegged to the US dollar rate.
On the other hand, Brexit resembles a great opportunity for US dollar or UAE dirham investors as they will find the average house price in a prime location in London around 96,000 dollars which is equivalent to 350 thousand dirhams, according to Cluttons.
The GCC investments are estimated to be 120 billion sterling pounds mostly invested in stock markets, properties, and sterling pound trusts.
Faisal Durrany, the head of research at Cluttons, said that London properties are now 31% cheaper than the last market peak in 2007. The long-term results of Brexit are still blurry, however, price fluctuations will inevitably occur with the enter and exit of investors in the market, according to Durrany.