Foreigners top the list of home owners

According to Christies International real estate, Dubai ranks as the most preferred destination for secondary home purchase.

The report further stated that rich and influential individuals prefer to buy luxurious homes in Dubai, than in the US or UK.

This report is based on a research in 80 top real estate markets by Christie’s. The research revealed that an alarming 75% of real estate purchases globally, by high net-worth individuals, are carried out in Dubai.

With London and Miami following suit with 44% and 40% respectively.

According to Joachim Wrang-Widen, regional vice president for Christie’s International Real Estate, “The price varies with locations, size and who the developer is.  The $3-5 million range is quite representative for small upper-market apartments which will include luxury. For proper-sized luxury, the market starts above 10.”

Adding that 'For international buyers, the opportunity of acquiring real estate in a market that is characterised by dynamism and an extremely large degree of [foreign population] without any income tax or capital tax being levied contributes to international purchasers viewing the Dubai market favourably.'

Dubai’s land department also proved the research to be true. They estimate that a whooping Dh12 billion (dirhams), was spent by foreigners on prime property purchases in the first quarter of 2015 alone.