JobXDubai

Over half of wealthy Gulf residents surveyed by Julius Baer declared spending more on residential property in Dubai, according to the latest Global Wealth and Lifestyle Report.

Dubai ranks 12th globally and 6th in the Europe, Middle East, and Africa region in this year’s Julius Baer Lifestyle Index, making it a relatively affordable option for high-net-worth individuals compared to other global cities.

Middle East’s Wealthy Most Focused on Luxury Goods and Dubai Property

The report highlights that real estate has grown substantially more expensive in Dubai, with property prices rising 16% in US dollar terms over the past year. However, wealthy individuals from the Middle East region are spending the most on luxury homes, making Dubai a prime location for investment.

Sophisticated Investors Recognize Dubai’s Property Market Opportunities

Given capital appreciation and relative affordability versus other global financial hubs, Dubai’s property market presents a smart investment opportunity. The report notes that low taxes combined with economic and political stability make Dubai an attractive base for families and entrepreneurs.

Consumption Patterns Among High-Net-Worth Individuals

The report also finds that luxury goods like designer smartphones, clothing, shoes, watches, and handbags account for the largest expenditures among high-net-worth individuals. Additionally, business and leisure travel within the broader Middle East region have increased substantially over the last year.

Dubai’s Attractiveness to Wealthy Buyers Remains Unwavering

The research highlights high-net-worth individuals in the Middle East displaying a more risk-tolerant investment approach and bullish outlook overall. As a result, Dubai is well-positioned to retain its status as the wealthiest city in the Gulf and core attraction for wealthy regional residents seeking a combination of opportunities, comforts, and advantages.