Mansion Global

Global Update: Who Buys Dubai?

News from luxury-home markets around the world

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A nine-bed, nine-bath, 14,000 sq ft Dubai Villa overlooking the Emirates Golf Courses and The Lakes.

GULF SOTHEBY'S INTERNATIONAL REALTY
A nine-bed, nine-bath, 14,000 sq ft Dubai Villa overlooking the Emirates Golf Courses and The Lakes.
GULF SOTHEBY'S INTERNATIONAL REALTY

If you’re buying luxury real estate in Dubai, chances are you’re not Emirati. According to a report by Christie’s International Real Estate, 75% of prime properties in Dubai are purchased by high-net worth foreigners. [Gulf News] Speaking of the UAE, one Dubai-based developer is bold enough to ask: Are you living in luxury if you’re not living in a crystal? Tebyan recently unveiled its shimmering designs for the “Sparkle Towers at Dubai Marina – Space Marveled by Swarovski” at Cityscape Qatar 2015. Located at the Dubai Marina, the shining residence will “consist of two towers: the first (ground +29 floors) offers views of Dubai Marina from three sides while the second (ground + 14 floors) overlooks Jumeirah Beach Residence with partial views of the marina and the sea.” [Trade Arabia] A rising tide lifts all ships. We told you about L.A. and we told you about San Fran, but it looks like the trend is state-wide, as a recent report from the California Association of Realtors notes that home sales and prices for the Golden State have increased for the third straight month. [World Property Journal] Be careful what you wish for, Britain-minded buyers! The Conservative victory, which signaled the death of the mansion tax and unleashed a rush of prime property purchases, has had the knock-on effect of strengthening the sterling, thus raising the rates for the foreign investors looking to enter London’s luxury market. [The Telegraph] We can officially call it a trend. For the eighth straight month, the price of new homes in China fell. In April, “The average price in China's 70 major cities fell 6.1% from a year ago - the same rate of decline as in March.” Beijing and Shanghai were the lone bright spots with the former posting a rise for the second consecutive month and the latter showing an increase in prices for the first time in a year. [BBC] The Miami Herald polled 105 top local real estate agents about the state of the Magic City’s market and received…well, a diverse set of opinions, but there were a few things on which the realtors appeared unanimous: the luxury condo supply appears to be meeting demand, financial/political instability is curbing purchases by foreign buyers, and domestic out-of-owners will need to fill the gaps. [Miami Herald] Stop us if you’ve heard this one before: a new deal in Manhattan could potentially be the largest real estate purchase in Big Apple history. “SL Green Realty Corp. has agreed to pay $2.6 billion for the 2.3 million square-foot Art Deco skyscraper overlooking Madison Square Park being sold by the Sapir Organization and minority partner CIM Group, The Post has learned.” [New York Post] Qataris love London. The Qatari ruling family has purchased a 10,000 square foot, six-story Victorian mansion in Mayfair for $62.6 million, adding to their already substantial stable of Mayfair-based mansions. [The Evening Standard]See the full Dubai listing (pictured)