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Telegraph
15-07-2025
- Business
- Telegraph
Dubai lures fleeing Britons with first-time buyer scheme – but there's a catch
Are you thinking of leaving the UK for Dubai? Email: money@ Dubai is luring British first-time buyers with cheaper mortgages and flexible payments, despite experts warning of a property price plunge. The United Arab Emirates has become a popular destination for millionaires fleeing stricter tax regimes elsewhere. Now, it has launched a range of perks for those buying their first home in Dubai, as price surges push first-time buyers out of the market. The Dubai First-Time Home Buyer Programme, rolled out earlier this month by the Dubai Land Department and the Department of Economy and Tourism, can be used by any adult resident of the city, including expats, on a property worth up to AED5m (£1m). First-time buyers will be given priority access to new developments, as well as cheaper prices for new-build flats. Flexible payments will be allowed for off-plan purchases, as well as government registration fees. Buyers will also benefit from cheaper mortgages with lower interest rates and faster approval processes, the government said. Ben Perks, of Orchard Financial Advisors, said: 'There are a growing number of young Britons that are completely disenfranchised with the UK property market. 'Dubai's new first-time buyer scheme is clever and could attract Britons. I'm sure other countries will follow suit and come up with ways to entice our hard-working youngsters.' But experts warned of the risks that come with such a move, with property prices in the city forecast to fall 15pc in the coming years. Nicholas Mendes, of mortgage broker John Charcol, said: 'While the incentives on offer in Dubai may well appear attractive at first glance, particularly for younger Britons who are increasingly priced out of the UK property market, there are nonetheless some important caveats to bear in mind before making such a significant move. 'I would urge caution among first-time buyers who are viewing this as a quick or speculative investment opportunity, particularly if they have no long-term plan to remain in the region. 'The local market is heavily skewed towards off-plan sales which tend to carry a different risk profile compared to completed properties in more regulated markets.' Mr Mendes added: 'Add to that the fact that price corrections have been forecast, with some estimates suggesting falls of up to 15pc in the next year or so, and there is a real risk that buyers could find themselves holding an asset that is worth less than they paid, particularly if they are forced to sell within a short time frame.' He warned that the 'cost of exiting a market like Dubai' can sometimes outweigh short-term financial gains. Mather and Murray Financial independent financial adviser, Samuel Mather-Holgate, added that while the scheme was 'impressive', its popularity could have negative implications. He warned: 'I would be worried about falling prices in the next five years, and a new build off-plan property is the last thing you would want in that eventuality.' British buyers would benefit from a strong sterling position. In January, AED5m would have cost approximately £1.12m. It is now closer to £1m, a saving of around £100,000. Prem Raja, of Currencies 4 You, said: 'For Britons looking at Dubai as a lifestyle or investment destination, the combination of a softer AED, flexible payment plans and early access to new launches creates a very compelling window of opportunity. 'Timing, both in market and currency terms, has rarely looked better.' Dubai saw the number of millionaires living there double between 2014 and last year, according to wealth firm Henley and Partners. House prices have surged as a result of its new popularity, rising a further 3.7pc to AED1,749 per square foot in the first three months of this year, according to estate agents Knight Frank. This is 17.6pc higher than the previous market peak in 2024. However, property prices are set to fall by as much as 15pc in the second half of this year and in 2026, according to Fitch. The ratings agency said: 'In our base case, Dubai real estate prices are close to their peak and a moderate correction is likely.' This could signal an end to the post-pandemic boom in the Gulf state. Residents of the city pay no income tax on salaries, investments or rental income earned locally. There is also no capital gains tax, inheritance tax or annual tax on worldwide assets. VAT, which is 5pc, is not applied to rent, groceries or school fees. The city saw a record 169,000 transactions last year, worth AED367bn. But cash buyers are the most common type of buyer in the city, making up 87pc of transactions, shutting out those with small deposits. In the UK, the average house price is now more than £265,000, according to the Land Registry. The average deposit paid for a first-time buyer is £34,500, according to trade body UK Finance. First-time buyers should proceed with caution, mortgage brokers have advised. Janet Fernandes, of MPowered Mortgages, said: 'Lenders are more relaxed around affordability criteria than they are in the UK for example, so you need to take this into consideration and always consult with a mortgage broker that know the market well. The mortgage default rate in Dubai is considerably high for this reason.' British buyers are also 'more vulnerable buying in Dubai versus the UK'.
Daily Mail
14-07-2025
- Business
- Daily Mail
Dubai offers 'first-time buyer scheme' for priced-out young Britons - and they could get an £100k discount
Young Britons struggling to get on the housing ladder could get first dibs on new apartments, a competitive mortgage offer - and £100,000 off the price. The catch? They will need to move 3,500 miles across the globe to Dubai. In a bid to attract buyers to the United Arab Emirates' city, the Government of Dubai has launched the First Time Home Buyer Program, which offers 'a range of exclusive benefits' to those starting out on the property ladder. It is open to first-time buyers from Dubai, as well as expats if they can secure residency in the emirate. According to the Dubai Government, those who sign up will get 'priority access' to newly-launched homes from some of the top local property developers, as well as 'preferential prices' when they reserve them. It also claims it will offer competitive mortgage offers from banks, and a 'flexible payment plan' to pay the registration fees interest-free through eligible credit cards. Property experts think the offer could attract young people who feel buying their first home in Britain is out of reach - as well as those feeling the pinch from tax rises. Those taking advantage of the scheme won't need to pay income tax, as the UAE doesn't charge this to citizens or expats. Ben Perks, managing director at Orchard Financial Advisers, said: 'There are a growing number of young Britons that are completely disenfranchised with the UK property market. 'One in five young adults don't think they'll ever be able to buy a property. Add in the state of the economy and rising taxes, and people will start to think the grass looks greener elsewhere.' > Did you relocate to Dubai to buy a home - or are considering the new scheme? Get in touch: In Dubai, around 70 per cent of properties are bought off-plan. This involves a registration fee of 4 per cent of the property price to be paid to the Dubai Land Department, and an Oqood (contract) fee of AED 3,000 or about £600. Those buying brand new properties which are already built can also use the scheme, however. And at the moment, those moving from the UK could effectively get a discount of up to £100,000 when they buy a home in the emirate, thanks to currency fluctuations. Currency expert Prem Raja, head of trading floor at Currencies 4 You, told the news agency Newspage that since January, the weakened exchange rate between the US dollar and the United Arab Emirates Dirham has shaved more than £100,000 off the sterling price of a property worth AED 5 million – the scheme's upper limit. In GBP, this is a reduction from around £1.12million to £1million. Who can apply for the Dubai property scheme? It is open to UAE citizens, British expats and new arrivals to the emirate, though the latter will need to secure residency in the country first. The scheme only requires that this must be the applicant's first freehold property in Dubai, so those who own a home in the UK and want to relocate could also be eligible. Someone wanting to own a rental property in Dubai could also apply. For those purchasing with another person, both must be eligible under the scheme's rules. The properties sold under the scheme have an upper price limit of AED 5million or about £1million, and can be bought with or without a mortgage. To register, they need to visit the Dubai Land Department website or the Dubai REST (real estate services) app and submit the required information. If eligible, they will receive a confirmation email from DLD containing a first-time home buyer QR code, which can then be used to access the programme's benefits. The developers participating in the scheme are some of the UAE's biggest and include Damac Properties, Nakheel Properties and Emaar. The partner banks are Commercial Bank of Dubai, Dubai Islamic Bank, Emirates NBD, Emirates Islamic and Mashreq Bank. How much is a property in Dubai? According to Knight Frank's data for January to March 2025, prices went up by 3.7 per cent in that three month period, reaching AED 1,749 or £353 per sq ft. This was 17 per cent higher than the previous property market peak in 2014. For a villa, the average price per sq ft is AED 2,088 or £421 per sq ft. The average home in the UK costs about £300 per sq ft, according to Zoopla research from October 2024, though this rose to £585 in London and £375 in the South East. The UK average is also weighted towards people owning houses, so those buying apartments in Dubai may find they could buy an apartment for cheaper than they would back home - especially given the currency discount and other incentives. And the mortgage payments could also feel more affordable, given they won't be handing over 20 per cent or more of their income in tax. Off-plan sales accounted for 69 per cent of all transactions in Dubai in the three-month period, and 87 per cent of homes were bought in cash. Best mortgage rates and how to find them Mortgage rates have risen substantially over recent years, meaning that those remortgaging or buying a home face higher costs. That makes it even more important to search out the best possible rate for you and get good mortgage advice, whether you are a first-time buyer, home owner or buy-to-let landlord. Quick mortgage finder links with This is Money's partner L&C > Mortgage rates calculator > Find the right mortgage for you To help our readers find the best mortgage, This is Money has partnered with the UK's leading fee-free broker L&C. This is Money and L&C's mortgage calculator can let you compare deals to see which ones suit your home's value and level of deposit. You can compare fixed rate lengths, from two-year fixes, to five-year fixes and ten-year fixes. If you're ready to find your next mortgage, why not use This is Money and L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you.
Scottish Sun
23-06-2025
- Business
- Scottish Sun
Brits urged to fill up tanks ahead of 'petrol price shock' at pumps following oil price high
Use out petrol price tracker to see how much more you are paying at pump FUEL FRENZY Brits urged to fill up tanks as 'petrol price shock' days away Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) BRITS are being urged to fill up their tanks as petrol prices could rocket in a matter of days. Fears are mounting that Iran may retaliate to US strikes on its nuclear sites by closing the world biggest shipping facility of oil. Sign up for Scottish Sun newsletter Sign up 1 The Strait of Hormuz is sees around a fifth of the world's global oils supply pass through. Credit: Reuters The Strait of Hormuz, which lies between Oman and Iran, sees around a fifth of the world's global oil supply pass through. Iran's parliament voted on Sunday, June 22 to close the strait but it requires approval from the country's Supreme National Security Council. However, threats of the route being blocked led oil prices to surge to their highest price in six months when markets opened today. Brent crude, the international benchmark for oil prices, hit $81.40 (£60.41) a barrel when the market opened on Monday. But it later dropped to trade 0.3% lower on the day at $76.76 (£56.97) by early afternoon in London. When the price of crude oil rises, the amount punters pay for petrol also tends to increase. Fuel prices had been edging down, but prices have slightly increased since conflict between Israel and Iran intensified earlier this month. Susannah Streeter, head of money and markets, warned fuel prices could be "severely disrupted if the conflict is prolonged"/ She added: "If the Strait is closed there are fears it will lead to an oil price shock." Ben Perks, managing director at Orchard Financial Advisers also warned the "price of petrol will almost certainly rise". He explained: "The rise in this overhead can lead to price rises on everything that's transported. Warning over petrol station mistake which can cost £1,000s "It's a waiting game to see how markets will react, but as things in the Middle East heat up, it's likely to cause volatility." It is not the first time that punters have been warned of price hikes at the pump due to a global conflict. When Russia - one of the world's biggest producers of oil - invaded Ukraine fuel prices also shot up. But Simon Williams, RAC head of policy said the rise in oil costs might not be enough to "cause a major hike at the pumps". 'As retailer margins have been high for some time, the oil price rise has squeezed these to fairer levels for drivers. He added: "If, however, retailers are set on maintaining margins of around 12p a litre, we may well see the average price of fuel go up further." SHOULD YOU FILL YOUR TANK NOW? The price of petrol is currently at 132.06 per litre, but experts fear that this could rise further if the Strait closes. In light of the news, Tony Redondo, founder at Cosmos Currency Exchange said it would be "wise for consumers to fill up their tanks now". He explained: "The effect at the petrol pumps of even a partial closure of the Strait of Hormuz would be immediate and significant". Tony said the closure could spike Brent crude, up 15% to over $80/barrel, may push prices to 152p/litre very quickly. He also warned a full closure could see oil hit $100-$150, driving petrol up towards £2/litre. He said: "That's why now could be a smart time to fill up your tank before any further hikes come into effect." However, it is important to only fill up your tank if you need to and if you can afford it. Markets also fluctuate on a regular basis, so if oil prices spike it does not mean it won't edge down at a later date. How else can I cut fuel costs? ONE way to save is by signing up for major supermarket loyalty schemes, which can give you discounts of up to 5p per litre. Esso has partnered with Nectar, allowing you to get 5p off per litre when you redeem 300 Nectar points. BP drivers can use the BPme rewards card to earn one point for every £1 spent in-store or on a litre of regular fuel, with £1 off fuel or shopping for every 200 points. Loyalty schemes from Texaco, Shell, Sainsbury's, and Tesco also offer savings on fuel and shopping bills. You can further reduce fuel costs by driving more efficiently by: Accelerating gradually without over-revving. Driving in the highest gear possible. Allowing your car to slow down naturally instead of braking unnecessarily. Don't forget about clutter in your car. Extra weight from tools, toys, or rubbish can increase fuel consumption by as much as 12%. Clearing out unnecessary items can make a noticeable difference to your costs. How can I find the cheapest petrol stations? Websites like can help you find the cheapest petrol stations near you. The site covers over 3,800 petrol stations using CMA data, providing daily price updates for unleaded, diesel, super unleaded, and premium diesel. To use it, simply register, enter your postcode, choose how far you're willing to travel (up to 20 miles), and select your fuel type. Keep in mind, you can only search the website five times a day, but downloading the app gives you unlimited searches. Your savings will depend on how often you fill up, which varies based on how frequently you use your car. Prices also differ by location and change week to week, so it's always worth checking to make sure you're getting the best deal. isn't the only option for comparing fuel costs. Fleet News and Allstar also offer tools to check petrol prices across different counties, letting you see how your area compares to the UK average. Plus, has a petrol price checker for registered users, allowing them to find fuel prices within a 5, 10, or 25-mile radius. Do you have a money problem that needs sorting? Get in touch by emailing money-sm@ Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
The Sun
23-06-2025
- Business
- The Sun
Brits urged to fill up tanks as ‘petrol price shock' days away
BRITS are being urged to fill up their tanks as petrol prices could rocket in a matter of days. Fears are mounting that Iran may retaliate to US strikes on its nuclear sites by closing the world biggest shipping facility of oil. The Strait of Hormuz, which lies between Oman and Iran, sees around a fifth of the world's global oil supply pass through. Iran 's parliament voted on Sunday, June 22 to close the strait but it requires approval from the country's Supreme National Security Council. However, threats of the route being blocked led oil prices to surge to their highest price in six months when markets opened today. Brent crude, the international benchmark for oil prices, hit $81.40 (£60.41) a barrel when the market opened on Monday. But it later dropped to trade 0.3% lower on the day at $76.76 (£56.97) by early afternoon in London. When the price of crude oil rises, the amount punters pay for petrol also tends to increase. Fuel prices had been edging down, but prices have slightly increased since conflict between Israel and Iran intensified earlier this month. Susannah Streeter, head of money and markets, warned fuel prices could be "severely disrupted if the conflict is prolonged"/ She added: "If the Strait is closed there are fears it will lead to an oil price shock." Ben Perks, managing director at Orchard Financial Advisers also warned the "price of petrol will almost certainly rise". He explained: "The rise in this overhead can lead to price rises on everything that's transported. Warning over petrol station mistake which can cost £1,000s "It's a waiting game to see how markets will react, but as things in the Middle East heat up, it's likely to cause volatility." It is not the first time that punters have been warned of price hikes at the pump due to a global conflict. When Russia - one of the world's biggest producers of oil - invaded Ukraine fuel prices also shot up. But Simon Williams, RAC head of policy said the rise in oil costs might not be enough to "cause a major hike at the pumps". 'As retailer margins have been high for some time, the oil price rise has squeezed these to fairer levels for drivers. He added: "If, however, retailers are set on maintaining margins of around 12p a litre, we may well see the average price of fuel go up further." SHOULD YOU FILL YOUR TANK NOW? The price of petrol is currently at 132.06 per litre, but experts fear that this could rise further if the Strait closes. In light of the news, Tony Redondo, founder at Cosmos Currency Exchange said it would be "wise for consumers to fill up their tanks now". He explained: "The effect at the petrol pumps of even a partial closure of the Strait of Hormuz would be immediate and significant". Tony said the closure could spike Brent crude, up 15% to over $80/barrel, may push prices to 152p/litre very quickly. He also warned a full closure could see oil hit $100-$150, driving petrol up towards £2/litre. He said: "That's why now could be a smart time to fill up your tank before any further hikes come into effect." However, it is important to only fill up your tank if you need to and if you can afford it. Markets also fluctuate on a regular basis, so if oil prices spike it does not mean it won't edge down at a later date. How else can I cut fuel costs? ONE way to save is by signing up for major supermarket loyalty schemes, which can give you discounts of up to 5p per litre. Esso has partnered with Nectar, allowing you to get 5p off per litre when you redeem 300 Nectar points. BP drivers can use the BPme rewards card to earn one point for every £1 spent in-store or on a litre of regular fuel, with £1 off fuel or shopping for every 200 points. Loyalty schemes from Texaco, Shell, Sainsbury's, and Tesco also offer savings on fuel and shopping bills. You can further reduce fuel costs by driving more efficiently by: Accelerating gradually without over-revving. Driving in the highest gear possible. Allowing your car to slow down naturally instead of braking unnecessarily. Don't forget about clutter in your car. Extra weight from tools, toys, or rubbish can increase fuel consumption by as much as 12%. Clearing out unnecessary items can make a noticeable difference to your costs. How can I find the cheapest petrol stations? Websites like can help you find the cheapest petrol stations near you. The site covers over 3,800 petrol stations using CMA data, providing daily price updates for unleaded, diesel, super unleaded, and premium diesel. To use it, simply register, enter your postcode, choose how far you're willing to travel (up to 20 miles), and select your fuel type. Keep in mind, you can only search the website five times a day, but downloading the app gives you unlimited searches. Your savings will depend on how often you fill up, which varies based on how frequently you use your car. Prices also differ by location and change week to week, so it's always worth checking to make sure you're getting the best deal. isn't the only option for comparing fuel costs. Fleet News and Allstar also offer tools to check petrol prices across different counties, letting you see how your area compares to the UK average. Plus, has a petrol price checker for registered users, allowing them to find fuel prices within a 5, 10, or 25-mile radius. .
