Dubai becomes a ‘second’ home for the ultra-rich
According to figures released by the German firm Engel & Völkers, Dubai is particularly popular as a second home destination amongst high net worth individuals.
Investors from across the globe choose Dubai for its opulence and perfect services in healthcare and education. Individuals from India, Pakistan, Saudi Arabia, UK, and the US are constantly looking out for new opportunities in the Emirate. Copperstones’ international clientele also shows great interest in investment opportunities in this great city due to the endless possibilities this destination has to offer.
Dubai counts as a ‘second home for the ultra-rich. The New World Wealth report confirmed in 2017 that the number of multi-millionaires had risen by over 2% to 8,600 in 2016 compared to 8,400 in 2015. Dubai has 2,400 resident millionaires and has hosted 11,000 multi-millionaires during peak months.
To further strengthen Dubai’s real estate, legal frameworks set up by the Dubai Land Department (DLD) encourage foreign property investment. DLD notes that foreign buyers have accounted for around 20% of real estate transactions in Dubai. Millionaires are interested in properties that can be rented out for profit or present reliable investment opportunities. Properties in The Palm Jumeirah, Emirates Hills and Downtown Dubai have the most appeal to investors who are looking for their second homes in the Emirate.
Furthermore, it is noted that there has been a significant shift from luxury villas to high-end apartments that are closer to the heart of the city. Perfect connections to the centre, luxury amenities and contemporary design, as well as increased security, are the main aspects that entice the millionaires who looking for a second home in Dubai.
Buying a home in Downtown Dubai allows residents to experience fully the Dubai way of life and reach the major landmarks in just a few minutes. Every imaginable experience at your doorstep.
If you are looking for your second home in Downtown Dubai, call us today on 08 445 555 555 to book your first meeting.
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