Ultra-rich high-net worth individuals (HNWIs) continue to prefer Dubai when it comes to purchasing second homes or snapping up premium luxury properties. Dubai, as per several reports, stands at number 5 when it comes to major global hubs for second homes after New York, London, Hong Kong and Singapore. As per reports, more than 38, 000 millionaires have shifted into Dubai over the last two decades. Experts have also estimated that Dubai is currently home to approximately 55, 000 millionaires and 33, 000 HNWIs who are based in other countries already have second homes in the Emirate which is already ranked 35th globally for cities with the highest number of millionaires.
For last year, a whopping 5, 000 millionaires shifted to the UAE and many of them came from countries like Saudi Arabia, India, Egypt, Turkey, Iran, Nigeria and Lebanon. Most of these investors were drawn to the quality lifestyle and relative safety in Dubai along with its premium housing options and other amenities. Dubai has always been a preferred destination for HNWIs to purchase luxury villas and apartments and they also appreciate the top-class healthcare sector in Dubai along with the lovely beaches, nightlife and yachting facilities among other attractions.
As of June 2018, average apartment prices in Dubai touched $7, 800 per square meter which is deemed reasonable by this class of buyers. Dubai is also a major financial hub across the globe and its advantageous geographical location enables easy access to 2/3rds of the global population within a time frame of 8 hours. There are more than 200 private schools here along with an upwardly mobile lifestyle and amenities which are drawing HNWIs from across the world.
When it comes to prime real estate in the Emirate, a sum of $1 million will help in purchasing a handsome 137 square meters as compared to only 19 square meters in Monaco and 29 square meters in London. For Hong Kong and New York, it will only purchase 22 square meters and 30 square meters respectively. There are lower transaction fees and other costs in Dubai as well. Dubai has great connectivity and its location is another major advantage along with political stability and enhanced security levels. Dubai also has a suitable freehold system in place as well.