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Ultra rich now prefer Dubai as their second home

DUBAI: For the ultra-rich, Dubai is the preferred choice to have second luxurious abode, beating London and Miami, with the emirate topping the chart of the ‘best of the best’ cities, according to a latest report by Christie’s International Real Estate, the real estate arm of the renowned auction house.

Emirates 24/7 quoted the ‘Luxury Defined’ report as saying that 75 percent of global high net-worth individuals (HNWIs) bought properties in the emirate in 2014, with the average luxury prices starting from $2 million onwards – four times affordable than Los Angeles ($8 million), two times than New York ($5 million) and three times than London ($6 million).

“Of the top markets with the highest percentage of international luxury home buyers, only three of our top 10 cities ranked on the list. Dubai ranked top of all cities, with three-quarters of prime property buyers hailing from overseas. London (44 percent) and Miami (40 percent) trailed significantly behind,” the report said, which analyzed over 80 markets worldwide.

Though the emirate saw a contraction in sales growth in 2014, the report said value of sales rose by more than 10 percent.

“These corrections in the Dubai marketplace are driven in part by the fluctuations in availability of luxury product being offered to the market,” Joachim Wrang-Widen of Christie’s International Real Estate reportedly wrote in the report.

“We are hopeful that the market will begin to stabilize in 2015 as new, particularly entry-level luxury product, becomes available,” he added.

Among the rich and famous known to have invested millions in property here are tennis player Roger Federer, Bollywood stars Shah Rukh Khan and Aishwarya Rai Bachchan, the report said.

The report also disclosed the world’s top 10 ‘Best of the Best’ cities with Dubai topping the list followed by Hong Kong, London, Los Angeles, Miami, New York, Paris, San Francisco, Sydney and Toronto.

“Dubai is increasingly playing the role London has successfully played for over two centuries, namely being geographically located ‘in the right place’,” Wrang-Widen stated.

More properties than ever were both sold and listed for sale at $100 million or higher in 2014 with ‘trophy’ being the new buzzword in luxury real estate, Christie’s reportedly said.

The report is based on the company’s global network comprising 32,000 agents operating out of 1,350 offices globally, Emirates 24/7 reported.

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