Barely a week went by in 2025 when the subject of who was leaving London for the UAE did not come up.
Whether it was the super-wealthy looking to reduce their tax bills, or just the super fed-up looking for adventure and opportunity, a flurry seemed to turn into a flood.
And as we round off the year, we have one more piece of evidence to add to the mix – the Beauchamp Estates Billionaire Buyers’ Survey.
It found 41 luxury properties priced above £15 million ($20 million) sold in London this year, in a merry-go-round of sales between the UK and the Middle East.
London’s super-prime market was driven by openings created by wealthy people, most of whom were former non-doms, leaving for lower-tax destinations such as the UAE, Italy and Monaco.
Those homeowners were replaced by an influx of 20 to 40-year-old Middle East, Chinese and American buyers purchasing lavish “holiday mansions” at relatively knock-down prices, now standing below their 2014 values as sellers were forced to accept less than they asked for.
Buyers from the Middle East accounted for 25 per cent of all super-prime sales, up from 20 per cent last year, driven by purchasers originally from India, Pakistan, Yemen and Lebanon who are now resident in the UAE or Saudi Arabia and who were buying second homes in London.
The Holme in Regent's Park, formerly owned by the Saudi royal family, sold for about £139 million. Photo: Beauchamp Estates
Seventy-five per cent of the super-prime deals were cash purchases, the same as last year.
Belgravia had the most deals over the line, followed by Chelsea, then Knightsbridge.
Jeremy Gee, managing director of Beauchamp Estates, told The National the market has been driven by an outflow of non-dom sellers leaving for Dubai and Abu Dhabi, replaced by an incoming wave of bargain-hunting Middle East, Turkish, Chinese, American and domestic UK buyers purchasing large houses and family apartments.
London real estate is now viewed by global wealth as providing extremely good value for money, he said, while sounding a note of caution as overseas customers were increasingly buying properties as secondary homes or homes for investment. “This evolution risks increasing the proportion of properties in areas such as Belgravia, Knightsbridge and Mayfair that are not occupied full-time," Mr Gee said.
“To help sustain London's position as a globally competitive and economically important capital city, it is essential to maintain a balanced mix between UK nationals and high net-worth individuals who base themselves here, invest locally and contribute to the wider economy.”
The survey analysed sales of residential properties valued at more than £15 million between January and December this year, based on in-house deals, market intelligence and figures from external market data.
And what of 2026? Well, the flight of the rich does not appear to be letting up. As international tax expert David Lesperance told me recently, the push-pull factors that inform a decision regarding location is currently weighted heavily in the UAE’s favour, and the Labour government needs to do much more to make Britain an appealing place to do business.
As for the luxury property market, Beauchamp Estates forecasts that super-prime properties are likely to fall by between 2 and 3 per cent next year, not returning to positive growth until 2027 at the earliest.
However, they calculate that the super-prime market will remain extremely active, as domestic and international buyers now view London real estate as providing extremely good value and stability.
London will still appeal, and there could be bargains to be had if you have a spare £15 million.
We have also witnessed in 2025 a new era of belt-tightening, or realigned priorities, when it comes to how western countries deliver aid.
While the most significant harm came from Donald Trump pulling USAID almost overnight, Britain’s overseas aid cuts are having a “catastrophic” impact on women in the world’s poorest countries, the head of a UK charity group has told The National.
As chief executive of Bond, representing more than 340 organisations working in international development, Romilly Greenhill is more aware than most of the growing impact from Britain's decision to slash billions from its aid budget to pay for increased defence costs.
Romilly Greenhill, chief executive of Bond charities.
She warns that as the UK’s overseas aid budget shrinks from £15 billion ($20 billion) to £10.7 billion, charities working on the frontline of global poverty have still to feel the full, damaging consequences.
Save the Children has estimated that about 55 million people could be affected by the UK reductions. Meanwhile, the Gates Foundation has raised the troubling figure of 200,000 children under five dying in the next year because of cuts to international aid spending.
“It’s really disastrous,” Ms Greenhill said. “The people being hit are some of the poorest, most vulnerable and most marginalised in the world.”
But she also says that the widespread international cuts will not just affect impoverished places but will also undermine the global community's ability to tackle pandemics and the climate emergency. “It’s lose-lose,” she said.
London delivers
Let's end with some good news. London’s stock markets have staged a rebound with a late spurt in activity driving the strongest year for listings since 2021, data shows.
There were 11 new listings, known as initial public offerings (IPOs), on the London Stock Exchange in 2025, analysis from PwC shows, raising £1.9 billion in total proceeds. That makes it the strongest year since 2021, when £16.8 billion was raised in a record year for the London Stock Exchange.
It is also more than double the £700 million raised last year.
A late flurry of IPOs helped to deliver a boost to the market with £1.3 billion of the total proceeds raised during the final quarter of the year, marking a shift following a dearth in activity.
Vhernie Manickavasagar, the IPO leader at PwC UK, said: “London has delivered its strongest year for IPO and listing activity since 2021.
“In addition, global multibillion-pound companies selected the London Stock Exchange for their international listings in 2025, the largest of which had a market capitalisation of £16 billion in December 2025.
“These developments underscore the resurgence of London’s capital markets and its returning appeal as a leading listing destination."
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The specs: 2017 Dodge Viper SRT
Price, base / as tested Dh460,000
Engine 8.4L V10
Transmission Six-speed manual
Power 645hp @ 6,200rpm
Torque 813Nm @ 5,000rpm
Fuel economy, combined 16.8L / 100km
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
Essentials The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes. The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours. The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com
The Bio
Favourite Emirati dish: I have so many because it has a lot of herbs and vegetables. Harees (oats with chicken) is one of them
Favourite place to go to: Dubai Mall because it has lots of sports shops.
Her motivation: My performance because I know that whatever I do, if I put the effort in, I’ll get results
During her free time: I like to drink coffee - a latte no sugar and no flavours. I do not like cold drinks
Pet peeve: That with every meal they give you a fries and Pepsi. That is so unhealthy
Advice to anyone who wants to be an ironman: Go for the goal. If you are consistent, you will get there. With the first one, it might not be what they want but they should start and just do it
Most wanted allegations
Benjamin Macann, 32: involvement in cocaine smuggling gang.
Jack Mayle, 30: sold drugs from a phone line called the Flavour Quest.
Callum Halpin, 27: over the 2018 murder of a rival drug dealer.
Asim Naveed, 29: accused of being the leader of a gang that imported cocaine.
Calvin Parris, 32: accused of buying cocaine from Naveed and selling it on.
John James Jones, 31: allegedly stabbed two people causing serious injuries.
Callum Michael Allan, 23: alleged drug dealing and assaulting an emergency worker.
Dean Garforth, 29: part of a crime gang that sold drugs and guns.
Joshua Dillon Hendry, 30: accused of trafficking heroin and crack cocain.
Mark Francis Roberts, 28: grievous bodily harm after a bungled attempt to steal a £60,000 watch.
James ‘Jamie’ Stevenson, 56: for arson and over the seizure of a tonne of cocaine.
Nana Oppong, 41: shot a man eight times in a suspected gangland reprisal attack.
What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE currency: the story behind the money in your pockets
The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.
