Dubai: London and New York are the top preferences of the UAE’s super-rich looking to invest $1 million and more in real estate this year, while the South Indian metropolis of Bengaluru comes in as a bit of a surprise as the third referred. Two other Indian cities, Ahmedabad and Mumbai, pick up positions fifth and 10 in the rankings put together by the real estate consultancy Cluttons.
Singapore was fourth, while Berlin, Chicago and Istanbul were sixth, seventh and eights respectively. Los Angeles and San Francisco had the ninth and 11th ranks.
None too surprisingly, Dubai and Abu Dhabi were the runaway choices as the preferred destinations of Middle East based investors.
“Dubai is both the leading target investment location as the ‘most preferred’ city as well as being the most commonly mentioned city in investors’ top three preferred locations in the Middle East,” the Cluttons report states. “Thirty per cent of UAE HNWI [high networth investors] name Dubai in their top three most preferred cities, followed by Abu Dhabi at 23 per cent.” (Sharjah and Muscat came in third and fourth.)
According to Steven Morgan, Chief Executive of Cluttons M.E., “The strength of the dollar has certainly contributed to the strong appetite for global property investments, particularly in the face of mute local and international economic conditions, which have been traditional triggers for capital flight to perceived investment safe havens.”
More info: gulfnews.com