Paris gives its top spot to Dubai, which attracts more of the ultra-rich

Luxury real estate network Barnes establishes rankings each year to determine the city most popular among the wealthy in terms of real estate investment. Classification is based on several criteria. This year, Paris lost its first place in favor of another city that gained 46 places in the ranking in just two years.

Paris moved on, why?

So the results of this ranking confirmed that Paris is no longer the dream of ultra-rich investors. His preferred destination was 395,000 people with investable assets worth more than 30 million dollars or 27 million euros in 2022. However, this selection was only temporary, limited to a period of one year, falling to fifth place this year. ” Like New York and London, Paris is a historic city that has not questioned itself in terms of urban renewal. », says Thibault de Saint-Vincent, president of Barnes.

Additionally, this trend may continue in the market for a few more months due to the Olympic Games. ” It risks being tight for a few more months. The Olympic Games are exciting, but they risk slowing down the project. Sellers are still reluctant to lower their prices says Richard Zippin, managing director of Barnes. In addition, Paris’ status as a luxury city, particularly in terms of the real estate market, has been shaken by the strikes and protests experienced in the capital in recent times.

Dubai, the city of real estate bling-bling is taking over!

Almost at the bottom of the ranking, this city of splendor has made an incredible leap: gaining 46 places in just two years, thus ahead of the City of Lights. So the real estate market in Dubai has grown more than ever, registering a jump of 23% during the past year. According to Le Figaro Real EstateA penthouse, located 460 meters above ground with 2,000 m² of living space, is for sale for 180 million United Arab Emirates dirhams or 45 million euros.

One of the main factors favoring the emergence of this city as a reference in the field of luxury real estate is the fact that it knows how to “ Wean yourself off oil and turn to technology, finance and tourism says Lorraine Sollier, director of international development at Barnes in Dubai.

Additionally, about 92% of Dubai is expatriate, according to the director, all of whom benefit from income tax exemptions. The same goes for donations and inheritances, which have earned it the status of a tax haven. By 2024, the city wants to become the most livable city in the world, a true paradise on earth. Specifically, for companies reporting profits above 100,000 euros, the tax is set at 9%.