Netting a winner in dubai

Tennis legends David Lloyd and Greg Rusedski are teaming up to start an overseas property business, which will involve investing in a number of properties around the world, which will then be rented out on a timeshare basis...

Whilst it may not seem like the most opportune time to be diving into property investment, two ex-tennis players are taking the bull by the horns and doing exactly that.

Former Davis Cup Captain and leisure tycoon David Lloyd, who owns a string of successful health clubs, is planning to snap up a wide range of different properties all over the globe, including Dubai.

He will be investing more than £3 million in the project, which will be run in partnership with the recently retired British tennis ace Greg Rusedski, who has injected £300,000 of his own money.

The two men plan to start their property empire in Dubai, where they will buy a number of properties in the emirate, which will then be rented out on a time share agreement.

The new project, which comes at a time of much upheaval and uncertainty in global property and economic markets all over the world, is aiming to take advantage of the current low property prices.

A recent Reuters report suggested that property prices in Dubai are falling as many owners look to sell in the economic downturn and Lloyd and Rusedski are looking to cash in on this and snap up a bargain before prices start to rise once more.

Mr Lloyd dismissed claims that the current economic downturn makes it a bad time to be launching a property investment business, stating, "The low entry cost will appeal to a much wider audience.

"I learnt from the last recession that people don't sacrifice their holidays. Do you know, in the last recession memberships in our gym clubs didn't fall?

"It's lifestyle we're selling," added Mr Lloyd.

As well as Dubai, he is selling shares in five luxury complexes in places such as Phuket, Thailand, Morocco and Grenada for a minimum investment of £40,000.

For that, people get a free holiday and a share of the increase in property values after 10 years.

Picture by brainloc