Brits locked out of the UK housing market are being targeted by a new Dubai scheme offering flexible payment plans, early access to off-plan properties and a currency-driven discount of over £100,000 on homes priced under £1 million.
The emirate has just launched a first-time buyer initiative open to all nationalities living in Dubai, including British expats and new arrivals. It promises exclusive access to new developments from the city’s top property firms, with flexible financing and preferential pricing — a move experts say could tempt even more frustrated young Brits to ditch the UK for tax-free life in the Gulf.
Currency expert Prem Raja, Head of Trading Floor at Currencies 4 You, said the launch of the scheme lands at the perfect time for British investors.
Since January, the weakened USD/AED rate has shaved more than £100,000 off the Sterling price of a property worth AED 5 million – the scheme’s upper limit – cutting it from around £1.12 million to £1 million. Combined with Dubai’s lifestyle appeal and generous rental yields, Raja said the move creates “a very compelling window of opportunity” for British buyers seeking either a home or an investment abroad.
Ben Perks, Managing Director at Orchard Financial Advisers, commented: “There are a growing number of young Brits that are completely disillusioned 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. Dubai’s new first-time buyer scheme is clever and could attract Brits. I’m sure other countries will follow suit and come up with ways to entice our hard-working youngsters.”
Pete Mugleston, Managing Director at Online Mortgage Advisor, said the UK government should take Dubai’s move as a warning shot. “If they don’t get on with building the 1.5 million homes they promised, they risk watching Britain’s younger generation walk away. For those struggling to buy here or craving a different pace of life, Dubai’s offer will turn heads.”
The appeal isn’t limited to first-time buyers. Tony Redondo, Founder of Cosmos Currency Exchange, said Dubai’s offer could be especially attractive to entrepreneurs “already clobbered by £40 billion in extra taxes” in the UK. With rental yields of 5%–8%, no income tax, and residency options via the Golden Visa, he described the scheme as the cherry on top of a market that’s now far cheaper in Sterling terms than it was six months ago.
But not everyone’s convinced. Samuel Mather-Holgate of Mather and Murray Financial said while Dubai is clearly trying to “replace those streaming out” of the UK, the shine might be fading. “You’d think every influencer and their dog already lives there,” he said, adding that rivals like Zagreb, Sydney and Ibiza are clawing back expat interest. He also warned that falling property prices and the risks of buying off-plan could outweigh the perks.
The Dubai First-Time Home Buyer Programme, launched earlier this month by the Dubai Land Department and Department of Economy and Tourism, is open to all UAE residents who don’t currently own freehold residential property in the city. Buyers can access exclusive mortgage deals and priority access to new launches via a QR code system on the Dubai REST app. The emirate hopes the scheme will help push annual property transactions beyond AED 1 trillion by 2033.
