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.
In an additional boon for global buyers, the UK government has lifted the threshold at which people start paying stamp duty for residential property from £125,000 to £500,000.
The change, effective immediately, is a temporary measure designed to boost the housing market and the measure will remain in place until March 31, 2021 next year.
Properties over £500,000 will pay stamp duty, however, the rising of the nil rate band means they will pay £15,000 less than before.
According to Savills data, UAE nationals are drawn to higher-end properties valued at £1.5 to £2 million-plus. However, non-native UAE expats are purchasing less costly stock from £700,000 upwards as buy-to-let investments.