ME ranks first for homes owned by global elite!

Over 33% of survey respondents from the Middle East said that their clients are planning to buy a new home in the region in 2018.

• The Middle East ranks in first place in terms of the number of first and second homes owned by ultra-high-net-worth individuals (UHNWIs), a new survey has found.

The recently released 12th edition of the Knight Frank Wealth Report: 'The Wealth Report 2018', also revealed that the Middle East ranks highly in terms of the proportion of UHNWIs planning to buy a new home in 2018. The attitude survey looks at the most important investment trends for ultra wealthy individuals, canvassing the responses of 500 of the world's leading private bankers and wealth advisors, who between them represent over 50,000 clients with a combined wealth of more than $3 trillion.
The results showed that 33 per cent of the survey respondents from the Middle East said that their clients are planning to buy a new home in their home country in 2018, placing the Middle East on top of the ranking. This figure increases to 39 per cent when it comes to intentions to acquire a new home overseas in 2018, ranking the Middle East in second position just behind Russia. Middle Eastern ultra-wealthy individuals own an average of four homes just ahead of Russia at 3.5, and significantly ahead of other regions such as Europe and North America at 2.7, and Asia at 2.9.

According to the survey, UHNWIs from the Middle East favour the UK, the UAE, the US, France, and Turkey - in that order - as a preferred destination for property investments. Knight Frank is currently tracking £3.9 billion of private wealth in the GCC looking to invest in overseas real estate including the UK, Europe, and the United States with a focus on various asset classes ranging from offices and retail to hospitality and logistics. A substantial share of this private wealth is looking into investments in the UK's commercial market due to its solid fundamentals and attractive pricing.