Buy Dubai Dirhams Wisely
One property market that doesn’t seem to have run out of steam is Dubai and Abu Dhabi. Dubai has opened it’s arms to property investors and now, it appears that Abu Dhabi is quietly doing the same.
Buildings are being constructed at an alarming rate, ever skyward, along with the prices. Tales are told of some properties being sold on 12 times before the property has even been handed over by the builder! With a property market like this, it’s easy to fall prey to the silver-tongued salesman with promises of vast profits in weeks.
The truth is, it really is happening. I spoke to one of my colleagues the other day who is noted for her conservative approach to parting with her own hard-earned money, and she has even bought a property on the hope of selling it before completion.
However, she does have an advantage. She can buy her Dirhams, or AED as we know it, just when the rate against the pound and the Euro suits her. She waits until the rate peaks between the pound and the Dirham, then buys as many Dirhams as she can. Over time, she has made the difference of 5%. In real terms, this means her property will be 5% cheaper than it may have been if she traded at the lower exchange rate.
If you are considering buying abroad, it is advisable to have a chat with a professional currency broker to see which methods of buying foreign currency will suit you best. The advice will cost nothing, but may save you thousands as it has for my colleague.
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