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Expats in Dubai are facing significant property losses as the escalating conflict in the Middle East disrupts the city’s real estate market.
Among those affected is a British influencer who finds himself with a villa he can’t sell, despite investing hundreds of thousands of pounds into its luxurious renovation prior to the outbreak of hostilities.
Sam Gowland, a 30-year-old former star of “Love Island” and “Geordie Shore,” had transitioned from reality TV to establishing a property empire. He quickly reported a multi-million pound turnover and offered to share his strategies for success with his followers.
His most ambitious venture to date involved purchasing a villa for £1.5 million, which he extensively remodeled. He announced its availability on the market just before tensions between the U.S. and Israel against Iran resulted in retaliatory drone strikes on Dubai.
Since then, property transactions in Dubai have plummeted, with local media noting a 51 percent decrease in sales and predicting a 20 percent drop in property values virtually overnight.
Since the war began, the DFM Real Estate Index – which tracks property developers listed on the Dubai Financial Market – has plunged by 30 per percent, signifying a dramatic reduction in investor confidence in the sector.
Gowland himself has fled the city to escape to the safety of Thailand, one of tens of thousands of Britons to leave in recent weeks.
The saga began in happier times for both Gowland and Dubai when he told followers that he had bought the villa ‘for $2 million’ – or £1.54m.
The four month project to take the existing building and make it more spectacular was, he said, the culmination of ‘years of goal-setting and dreams coming to life, one by one’.
In regular update posts he teased followers with delectable details of the project and told how he was tempted to make it his own permanent home – before finally announcing on February 13 that he was going to sell it and would listen to offers that were over £2 million.
Sam Gowland , 30, a former Love Island and Geordie Shore star, left the world of reality TV behind to build a property empire
He proudly told how his grandest project yet involved the purchase of a villa for £1.5 million which he extensively redesigned
Now property sales there have collapsed with Dubai media already reporting a 51 per cent fall in transactions and projections of a 20 per cent slump in values overnight
This would mean he had paid off his investment costs and profited by at least £500,000 less however much he spent on the renovation work.
But then the US and Israel’s attack on Iran put Dubai in the firing line of retaliatory strikes – and the wealthy Westerners that Gowland’s extended pitch on social media had been aimed at suddenly stopped coming.
Gowland, from Teeside, described on Instagram how rockets had been flying over his house and he lashed out at trolls who told him they hoped his house would be hit by a missile.
He has now quit the UAE for the safety of Thailand, but it’s unclear whether the proposed sale of his new villa has drawn any interest from prospective buyers in the middle of a war.
A source from the ex-pat community in Dubai said: ‘The timing could not have been worse for Sam. He’s going to struggle to sell the place any time soon – simply no one is buying and they won’t be until this whole war has resolved itself, which could take months or even years.
‘Meanwhile all his money will be tied up in the villa so he won’t be able to realise any liquidity to finance his next development project.
‘I suspect he was hoping to get £2.25 million for it. Now he will struggle to get a lot of what he’s already spent back. It’s devastating.’
At his family home in Thornaby, Teesside, Gowland’s step-mum Joanne told the Daily Mail: ‘I am just glad that he’s now out of there, he’s safe now, he’s in Bangkok.
‘He left Dubai and went to Mauritius and he’s now safe in Bangkok.’
Asked about his property deal, she added: ‘I am not sure whether he’s managed to sell the house in Dubai, he has so much going on that I’m never sure what is on the market and what is not.’
Gowland, from Teeside, described on Instagram how rockets had been flying over his house and he lashed out at trolls who told him they hoped his house would be hit by a missile
He has now quit the UAE for the safety of Thailand, but it’s unclear whether the proposed sale of his new villa has drawn any interest from prospective buyers in the middle of a war
On October 5 last year, Gowland first announced he’d bought his new home but had a major renovation project ahead.
He told his Instagram followers: ‘Proud moment today, just bought and moved into my new $2m home in Dubai. Years of goal setting and dreams coming to life, one by one. One more villa overseas with many more to come.
‘Full villa renovation started today, give it three months and watch how this will look. Grateful for ecom and the freedom to earn from my phone anywhere in the world.’
But by the time February 15 rolled around he was looking to sell up.
He posted: ‘After 4 months stress and deep pockets I’m proud to announce my latest home/villa in Dubai is complete.
‘This time I’ve went for a minimalistic yet timeless design with every room complementing the main focal point of my villa which is the outdoor area.
‘[I’m] humming and arring [sic] over what to do with this one as I’ve become attached to how it looks, haha.
‘10 million AED (£2M GBP) and I’ll open up a conversation with you.’
On October 5 last year Gowland first announced he’d bought his new home but had a major renovation project ahead
In a now-deleted video post on March 1, Gowland later lambasted trolls who said they hoped his house would be hit after airstrikes began on neighbouring Iran on February 28
Gowland first came to prominence in 2017 as a contestant on Love Island
In a now-deleted video post on March 1, Gowland later lambasted trolls who said they hoped his house would be hit after airstrikes began on neighbouring Iran on February 28.
Speaking in the video, Gowland said: ‘I cannot comprehend at all the tweets and comments about what is going on in Dubai. People are celebrating, saying “Glad I have seen this happen to Dubai in my lifetime” or “I hope your house gets hit”.
‘I have a thick skin, but even from a humanitarian perspective, I cannot believe some of the things I have seen. There are many different reasons why people come here, but to see other human beings wishing ill… read the comments on my Instagram about the post of my house, I am lost for words.’
The video continued, with Gowland urging people online to ‘think’ about those affected.
Gowland said: ‘Why would you wish this on anyone? Being here in Dubai was b***** scary. Please think before you speak. Words fail me sometimes after reading stuff like that.’
Gowland first came to prominence in 2017 as a contestant on Love Island.
In December 2017, five months after the show aired, it was announced he would be joining Geordie Shore for the MTV show’s 16th series.
He remained in Geordie Shore for a further 12 months, starting a feud with fellow cast member Alex MacPherson over advances towards Gowland’s then girlfriend Chloe Ferry.
Since quitting Geordie Shore he has thrown himself into property development overseas, claiming to have built a fortune from nothing.
In December 2017, five months after the show aired, it was announced he would be joining Geordie Shore for the MTV show’s 16th series
He remained in Geordie Shore for a further 12 months, starting a feud with fellow cast member Alex MacPherson over advances towards Gowland’s then girlfriend Chloe Ferry
In a post to mark his 30th birthday last August, he said: ‘Wow, I can’t quite believe how quickly the years have flown by.
‘As I step into the new chapter I’m reflecting on an incredible journey – from starting in my 20s working on building sites, to now standing proudly as a millionaire.
‘Along the way I have had the privilege of appearing on two of the biggest TV shows in the UK, travelling around the world and building houses while creating unforgettable memories and lifelong friendships.’