Global wealthy poised to spend US$ 2.5bln on Dubai property

Global wealthy poised to spend US$ 2.5bln on Dubai property

DUBAI: According to global property consultancy, Knight Frank, global HNWI have US$ 2.5 billion to spend on Dubai real estate this year. Last year, US$ 3.8 billion was spent on homes priced at over US$ 10 million in the emirate.

Knight Frank’s inaugural Destination Dubai report surveyed 183 HNWI globally, each with a net worth of over US$ 3 million, excluding their main home, or primary residence. Together, this group own 851 homes around the world and have a combined net worth of US$ 3.2bn.

The world's wealthy have been increasingly targeting Dubai's luxurious homes, primarily situated in the city's most desirable districts. The report highlights Downtown (37%) and Palm Jumeirah (30%) as top favourites among survey respondents. Specifically, for UK/European and North American high net worth individuals (HNWI), the Palm Jumeirah (15%) and Emirates Hills (16%) emerge as preferred locations for residential purchases. For East Asian investors, Downtown is a definite favourite at 53%, followed by Business Bay (32%).

Faisal Durrani, Partner – Head of Middle East Research explained: “Dubai has reached a tipping point and instead of jostling for recognition, the city is going toe to toe with the world’s long-established hubs as a magnet for the world’s wealthy. Outstanding transport