Middle East: the top spot for ultra-rich home buyers

UAE and Saudi Arabia will be the GCC destinations of choice for rich home buyers.

UAE and Saudi Arabia will be the GCC destinations of choice for rich home buyers.

The Middle East is the destination of choice for ultra-high-net-worth individuals planning to buy another multimillion dollar mansion or penthouse this year.

Ultra-high-net-worth individuals across private banking and wealth management say a third of their clients plan to buy a new home in the Middle East this year.

This is according to London-based Knight Frank’s Wealth Report, which surveyed 500 of the world’s top private bankers and investment advisors.

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Its report found that many of the world’s ultra-rich plan to buy a home in their country of origin, with the Middle East ranked top of the list.

In fact, 39% of those surveyed said they intended to acquire a new mansion or penthouse overseas this year, putting the Middle East in second place behind Russia, which is home to many of the world’s billionaires.

The Middle East ranks first when it comes to number of first and second homes owned by the world’s billionaires. Ultra-high-net-worth individuals own an average of four homes in the Middle East, according to Knight Frank. This is ahead of Russia, which sits in second place, followed by the economic hubs of Europe, North America, and Asia.

Middle Eastern billionaires favour opulent properties in the UK, the UAE, the US, France, and Turkey as the top destinations for international home ownership.

Knight Frank’s report on the property buying trends of the global elite comes a month after the real estate consultant reported that the average rental price of luxury accommodation had fallen faster in Abu Dhabi than the combined decline of rent prices in Dubai and Riyadh combined.

Prices in Abu Dhabi dropped 10%, while Dubai and Riyadh saw more modest declines of 3.5% and 5% respectively.

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