London is top spot for wealthy real estate buyers, report suggests
Demand for luxury homes in the Europe, Middle East and Africa region is strong as ultra wealthy individuals are buying around the world to further diversify their holdings […].
The UHNW Residential Real Estate index tracked by Wealth-X hit a new record high of 112.1 in the first quarter of 2015, up nearly 4% from the fourth quarter of 2014, and 7% from the first quarter of 2014.
London remains the top real estate hub for the EMEA region. The city’s price per square foot at US$3,103 is nearly four times that of Dubai, six and nine times more than Madrid and Cape Town respectively.
The report says that a third of all premium London properties for sale, that is homes valued above US$1 million, are worth more than US$10 million. By comparison, Dubai has only 8% of its luxury properties listed in the super prime range above US$10 million […].
‘Luxury residential real estate encapsulates a core part of the identity of the super-rich. As their wealth continues to grow, so will their investment fueled by flight to safety from less geopolitically stable geographies,’ said Wealth-X president David Friedman. LINK[Source: Propertywire]