How only London beats Dubai for $2.8m+ properties in the world
Only London boasts more 'prime' properties, those worth £2 million or more, than Dubai in the world, according to new research from Knight Frank.
Its Wealth Report 2021 showed that Dubai has a total of 42,356 'prime' homes, the second-highest globally. London claimed the top spot for the largest number of homes considered ‘prime’ in each city, with over 68,000 homes while Sydney was third with 27,436 homes.
Henry Faun, partner, Knight Frank Private Office, Middle East, said: "Given the established appeal of London as a cultural and business hub, ease of language, attractive educational system and weaker pound sterling in recent years, we see Middle Eastern demand for prime London homes continuing in future years.”
The figures were revealed in the Knight Frank City Wealth Index which said London and New York are the most important cities for ultra-high-net-worth individuals (UHNWIs) to live, invest and do business.
Paris followed in third position, with its rankings boosted by the lifestyle the city has to offer.
European cities were the overall leaders of the City Wealth Index this year, claiming eight of the top 20 spots - largely driven by the investment and lifestyle factors.
Tokyo (4th) and Hong Kong (5th) took top spots among the Asian cities analysed. Asia claimed five of the top 20 positions while North American cities occupy seven of these.
Despite its high number of 'prime' properties, Dubai only made 48th in the global list and second in the Middle East behind Istanbul.
In the wealth category, which measures the number of UHNWI and HNWI city dwellers, the US dominated – New York came in first position globally with 7,743 individuals with a net worth of $30 million or more although London took top position with over 870,000 millionaires.
Liam Bailey, global head of research at Knight Frank said: “The pandemic, far from undermining the city, has shown up the potential for rebirth - expect to hear a lot more about the 15-minute city, green cities, place-making and the coming redevelopment boom - no wonder development land is the third most popular pick for property investment this year for UHNWIs.”
Flora Harley, deputy editor of The Wealth Report at Knight Frank said: “In 2020 we may have seen a temporary exodus from cities during the initial round of Covid-19 lockdowns, but it was, just that – temporary.
"Across 100 cities we analyse for the Knight Frank City Wealth Index, there are numerous reasons, in terms of their wealth, investment and lifestyle offerings, why UHNWIs are still choosing to spend time in urban areas.”