The Middle East tops the rankings in terms of the proportion of UHNWIs planning to buy a new home in 2018
The UK property market remains a preferred choice for Middle Eastern UHNWIs
Knight Frank is currently tracking £3.9 billion of private wealth in the GCC looking to invest in overseas real estate
The recently released 12th edition of the Knight Frank Wealth Report: ‘The Wealth Report 2018’ includes price performance data for 100 global luxury property markets, wealth distribution data, Knight Frank’s Global Cities Index as well as the results of the Wealth Report annual attitude survey.
The attitude survey looks at the most important investment trends for ultra-high-net-worth individuals (UHNWIs), 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 USD 3 trillion.
According to the survey, the Middle East ranks in first place in terms of number of first and second homes owned by the UHNWIs. Middle Eastern ultra-wealthy individuals own an average of 4.0 homes just ahead of Russia (3.5) and significantly ahead of other regions (Europe 2.7, North America 2.7, Asia 2.9).
Another eye-catching result from the attitude survey was that the Middle East ranks highly in terms of the proportion of UHNWIs planning to buy a new home in 2018. The results showed that 33% 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% when it comes to intentions to acquire a new home overseas in 2018, ranking the Middle East in second position just behind Russia.
The Attitude Survey shows that UHNWIs from the Middle East favour the UK, the UAE, the US, France and Turkey (ranked by 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 (liquidity, transparency, and high quality stock) and attractive pricing.
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To download the report, please click: http://www.knightfrank.com/wealthreport
About
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 15,000 people operating from 418 offices across 60 markets. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants.
Knight Frank has a strong presence in the Middle East with offices in Abu Dhabi, Dubai, and Saudi Arabia. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Company, please visit www.knightfrank.ae
For further information please contact:
Raya Majdalani, Research Manager, +971 4 426 7681, Raya.Majdalani@me.knightfrank.com
Nicola Milton, Head of Middle East Marketing, +971 4 426 7636, Nicola.Milton@me.knightfrank.com
