According to one of the latest rankings, Dubai is the best place among the cities of the Gulf Cooperation for luxury properties investors. One of the primary reasons for Dubai’s popularity is the fact that the situation in the UAE real estate market is stable and there is no need for the wealthy who already know the UAE to search for some other places. As for the international rating, Dubai has ranked 16th in the global list. Other countries heading the rating include London and New York. London has topped the list despite the fact that the UK real estate market can undergo certain changes after Brexit. However, its well-established reputation allowed it to secure its position.
New York’s second best place in the ranking came as no surprise – it relies heavily on its current wealth and future prosperity. The experts conducting the rating evaluated the cities from the point of view of the investment environment, connectivity, current and future prosperity and opportunities one can have. As for the third, fourth and fifth places, they were given to Hong Kong, Shanghai, and Los Angeles respectively.
Why did London and new York perform so well? First of all, due to their well-arranged network and connectivity. This is the reason they are ahead of other cities. Concerning future concentration of wealth and prosperity as well as luxury property, Asia, Middle East, in particular, and North America will most likely struggle for domination.
Luxury properties - Dubai as the best investment destination
Dubai has also shown impressive results. It is of stable interest to luxury property investors. Its popularity is continually growing. Why? There’s a lot of interest to Dubai’s city center and BurjKhalifa district. This isn’t just the availability and quality of property that attracts numerous property investors to Dubai. It’s also the accessibility of property investment stock in other areas such as the education sector, commerce, and medical services. This is what drives investment to Dubai.
As for the cost of luxury property in Dubai, experts estimate that $1 million will help you to purchase about 160 square meters of quality property in Dubai. This is a much more acceptable price than, for instance, in Monaco or London and New York heading the ranking, where the property is really expensive. This means that Dubai does not only offer luxury property but is also one of the most affordable places for buying it.
The number of the ultra-wealthy people in Dubai increased and now equals to 194,000. This is a good result taking into account a slight decline that took place in the previous year. According to the survey that questioned wealthy people on their readiness to invest, one of the main obstacles that prevent them from investing in a certain country is the political uncertainty. So what attracts wealthy investors to Dubai? Sure, there are some benefits the UAE can offer – diversified economy, attitude to innovation and tax-free environment. This is not only luxury real estate they find so appealing. This is the best lifestyle Dubai can offer – luxurious yachts, racing cars, and horses, as well as private planes.
This means that the ability to experience personal pleasure is one of the main factors in the investors’ choice of an investment destination. The lifestyle one can have in Dubai is remarkable. The UAE and Dubai, in particular, is considered one of the best places in the world due to a number of reasons. Excellent climate, great weather with sunlight all year long, numerous places of interest, landmarks and sights, ancient and innovative architecture, fantastic shopping centers with a variety of goods, quality service, plenty of activities one can engage in and wonderful recreation places – this is what Dubai can offer to everyone wishing to purchase luxury real estate here.