75% of realty buyers are foreigners: Study

19.05.2015
In fact, Dubai ranks as the most popular city for second home purchases among global HNWIs, who accounted for the majority of luxury sales last year.

According to Christie's International Real Estate, there are more high-net-worth individuals (HNWIs) snapping up prime property in Dubai than in traditional hotspots in the United States or United Kingdom.

In fact, Dubai ranks as the most popular city for second home purchases among global HNWIs, who accounted for the majority of luxury sales last year.

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% of prime property buyers hailing from overseas - compared to 44% 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 AED11 million to AED18 million ($3-5 million) on a prime luxury apartment in Dubai.

"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," Wrang-Widen told Gulf News.

He said the foreign wealthy buyers have been attracted by Dubai's dynamism, tax-free regime, business- and investor-friendly environment, "air transport accessibility" and leisure options.

Subscribe to our news

Latest Availability
Latest property news
Send us an enquiry or request a call back
Your name *
Phone
E-mail *
Your message *
*- indicates required
Request a call back
Lease process (Rent out)

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)

1 hour

Contract of the lessee and agency.

Up to 5 days

Real estate search.

Selection of optimal options.

Up to 2 days

Signing of the lease agreement

Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process

1 hour

Contract of the tenant and agency.

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

1 Week

Registration of the contract of purchase / sale

Customer charges:

  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration

Additional services:

Property management

Sales Process

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

None

the management process

1 hour

Contract of the owner and agency

1 year

Rendering of management services

1 day

Reporting

Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process

1 hour

Contract of the tenant and agency.

From 3 days

Selection of optimal investment options

1 Week

Registration of the contract of purchase / sale

Expenses of the investor:

  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration

Additional services:

Property management