Money transfers to increase in Dubai

Brits are set to increase their number of international money transfers to Dubai, according to industry experts.

Mike Bridge, organiser of the Worldwide Property Show, recently stated his belief that the region would experience an increase in investment from expats.

UK emigrants are likely to be drawn by the emirate's high quality of life and falling property prices, explained Mr Bridge.

In addition, rising taxes in other parts of the world may also encourage investors to transfer money to Dubai.

"The only way that the UK will survive is by increasing tax and if it becomes very expensive then people are going to start looking for places to hide," commented Mr Bridge.

"Dubai is very much seen as a good place to live offshore."

Recent figures from Colliers International have revealed that in the four months preceding April, property prices in Dubai fell by 34 per cent compared with the same period last year.

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By Linsey Summers.