Dubai's status as the 'Jewel of the Emirates' may be under threat…

As savvy British investors continue to seek out the hottest property investment locations, Currencies Direct, the UK’s number one non-bank provider of international payment services and commercial foreign exchange, today reveals that the United Arab Emirates has made its first appearance in the Global Emerging Markets Index.

Dubai is already considered to be a well-established location amongst British property buyers and as such has been ranked separately from the rest of the UAE federations in order to demonstrate its unique status.

The continued rise in popularity of the rest of the UAE is likely to be driven by its capital federation, Abu Dhabi, whose property market was boosted by the introduction of foreign investor-friendly property laws in 2005. Perhaps less well known than its glamorous neighbour Dubai, Abu Dhabi is now set to play host to the next Gulf property boom, presenting the ideal investment opportunity for those who missed out on the fast-paced growth seen in Dubai.

The index is based on the number of foreign exchange transfers undertaken by Currencies Direct to emerging market regions in any given month. The below table outlines this month’s top ten emerging property hot-spots, along with a comparison on last month’s positions:

Neil Redcliffe, group managing director at Currencies Direct comments, “Abu Dhabi is ripe for property investment following the changes to legislation that gave foreign investors the right to purchase leasehold property in the region. As such I believe it will increasingly appear on the radar of many British investors looking to pick up a good deal.”

He continues, “As the largest and richest of the seven federations, Abu Dhabi has an abundance of land and wealth, even more so than Dubai, which has already set high expectations. As such, I would expect to see some impressive property developments start to appear over the next couple of years. It may even eventually dethrone Dubai from its current position as the jewel in the UAE’s crown.”