Dubai: British expats in the country are seemingly taking advantage of the falling currency rates back home. Gulf News speaks to a few expats:
Harry Tregeoning, Real estate broker
When we moved here nine years ago, the exchange rate was 6.3. We have aspirations to go back at some point, so if we move money now there is a 20 per cent better return on our savings. For trips home it makes everything a bit cheaper. The further it drops the better as far as I’m concerned. I think it will continue to drop until Brexit and then it will go down a little more before it comes back. Things balance themselves out and are cyclical. I’m looking to start a business and open an office in the UK next March so by then I’m hoping the Brexit outcome would have stabilised the economy and the country will be in a position to push on. But this is a great time to buy property.
Chris Ferguson, Financial adviser
I earn the majority of my salary in pound so this makes my life here in the UAE tougher. Bills have become comparatively more expensive, so I don’t think there are any positives in the situation for me. The only thing you can do is take advantage and invest in stocks and property because the pound is at a record low. We certainly need to get through Brexit and see the result of that. There is the potential for more negatives with all the talk of a no deal, but if we have a positive Brexit position maybe we will see the pound strengthen.
James McClean, Business development executive
Sending money home myself is definitely more on the agenda now. Whether things will stabilise soon or not is anyone’s guess, but now is the moment for remittances and investment. I don’t think there is any need to worry about the situation at home, but I do feel for UK-based Brits for whom this situation will make their summer holidays abroad a lot more expensive. Someone is always on the receiving end though, when the exchange rate was around 7 it was great for people living in the UK and coming abroad but bad for us expats going home, so it’s cyclical.