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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Golden Ball - best Emirati player: Khalfan Mubarak (Al Jazira)
Golden Ball - best foreign player: Igor Coronado (Sharjah)
Golden Glove - best goalkeeper: Adel Al Hosani (Sharjah)
Best Coach - the leader: Abdulaziz Al Anbari (Sharjah)
Fans' Player of the Year: Driss Fetouhi (Dibba)
Golden Boy - best young player: Ali Saleh (Al Wasl)
Best Fans of the Year: Sharjah
Goal of the Year: Michael Ortega (Baniyas)
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
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.
September to November or March to May; this is when visitors are most likely to see what they’ve come for.
WHERE TO STAY:
Meghauli Serai, A Taj Safari - Chitwan National Park resort (tajhotels.com) is a one-hour drive from Bharatpur Airport with stays costing from Dh1,396 per night, including taxes and breakfast. Return airport transfers cost from Dh661.
HOW TO GET THERE:
Etihad Airways regularly flies from Abu Dhabi to Kathmandu from around Dh1,500 per person return, including taxes. Buddha Air (buddhaair.com) and Yeti Airlines (yetiairlines.com) fly from Kathmandu to Bharatpur several times a day from about Dh660 return and the flight takes just 20 minutes. Driving is possible but the roads are hilly which means it will take you five or six hours to travel 148 kilometres.
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
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
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 374hp at 5,500-6,500rpm
Torque: 500Nm from 1,900-5,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.5L/100km
Price: from Dh285,000
On sale: from January 2022
Key findings of Jenkins report
Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
