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.