The Most Sought-After Cities for High Net Worth Individuals
Dubai, Miami, New York, Madrid, Paris… These cities are top of the list, displacing notably Tokyo from the most coveted cities ranking by Barnes. The top 50 also welcomes newcomers such as Auckland, Bangkok, Malaga, and Mexico City, while leaving Hamburg, Prague, Warsaw, Tel Aviv, and Luxembourg on the sidelines. Here are the top 5 most sought-after cities:
1. Dubai (United Arab Emirates)
Dubai’s futuristic skyline and luxurious lifestyle make it a magnet for affluent buyers. With its tax-free environment and booming economy, Dubai offers lucrative investment opportunities in ultra-modern skyscrapers and waterfront residences.
2. Miami (United States)
In second place comes Miami. Its continuously growing economic activity (cargo and cruise port, healthcare, aviation, technology…) adds to a leading cultural offering for contemporary art and design, notes the report.
Beyond housing, the entire state of Florida is coveted for its large properties. “Mega purchases” totaling over $100 million are made by CEOs of international companies such as Ken Griffin with Citadel and Jeff Bezos with Amazon.
3. New York (United States)
New York’s prominent position of influence makes its properties highly sought after, attracting wealthy buyers who have driven prices up until 2022 before they stabilized. With supply decreasing, observers recommend monitoring price variations in 2024, which are likely to decrease.
4. Madrid (Spain)
Madrid’s rich history, cultural heritage, and cosmopolitan lifestyle make it an attractive destination for luxury homebuyers. From elegant boulevards to historic neighborhoods like Salamanca, Madrid offers a blend of old-world charm and modern amenities in its upscale properties.
5. Paris (France)
In fifth place, the City of Light maintains its position as a sought-after city for the wealthy. However, the Parisian market has evolved significantly in the past two years. Sales are affected by increasingly demanding buyers, leading to price reductions. The districts set the trend: the center remains highly favored, with luxury homes selling for approximately €18,100 per square meter.
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