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Sat 13 Sep 2014 01:41 AM

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Dubai among world's second home hotspots for multi-millionaires

New report ranks Dubai fifth in list of most popular cities targeted by wealthy investors for holiday homes

Dubai among world's second home hotspots for multi-millionaires

Dubai is one of the world's hotspots for multi-millionaires looking to buy second homes, according to a new report published on Wednesday.

The report by New World Wealth, a global wealth consultancy firm, named Dubai as the fifth most popular city, ahead of the likes of Paris, Monaco and Miami.

It said a total of 8,200 multi-millionaires have bought second homes in the emirate.

The list was topped by London (22,300), with New York (17,400) and Hong Kong (14,800) ranked second and third respectively.

Of the cities listed, the most expensive ones for prime real estate were named as Monaco ($50,400 per sq m), London ($42,000) and Hong Kong ($36,000).

New World Wealth said a majority of the multi-millionaires - classified as those with net assets of at least $10 million - buying second homes in Dubai were from the Middle East.

It added that the bulk of London second home buyers come from the rest of the UK and Europe while there are also substantial numbers from China, India, Russia and the Middle East.

The report said there are currently just over 13 million millionaires in the world with approximately 495,000 of these individuals classified as multi-millionaires.

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