75% of prime real estate buyers in Dubai are foreigners

Christie’s surveyed more than 80 markets worldwide to find out where the ultra-rich individuals buy posh residences. Among the world’s top cities for prime real estate, Dubai ranked first, with 75 per cent of prime property buyers hailing overseas – compared to 44 per cent in London and 40 per cent in Miami.

According to Joachim Wrang-Widen, regional vice president for Christie’s International Real Estate, Dubai’s luxury property buyers come primarily from the UK, Germany, Russia and CIS (Commonwealth of Independent States), and the Gulf region.

These discerning affluent buyers typically spend Dh11 million to Dh18 million ($3-5 million) on a prime luxury apartment in Dubai.

 

Read entire article at Zawya.