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Tue 3 Apr 2018 10:01 AM

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Middle East's ultra wealthy own average of four homes

New data from Knight Frank shows that the region's UHNWIs are ahead of the rest of the world when it comes to home ownership

Middle East's ultra wealthy own average of four homes

Real estate remains a preferred asset class for ultra high net worth individuals from the Middle East, according to a new report from Knight Frank.

In its 2018 ‘wealth report’ – which includes price performance and wealth distribution data for 100 property markets and surveys of private bankers and wealth investors – Knight Frank found that the Middle East ranks in first place in terms of the number of first and second homes owned by UNHWIs.

The data shows that Middle Eastern UNHWIs own an average of four homes, slightly ahead of Russia, which had an average of 3.5 homes.

Other regions were found to be significantly behind, with UHNWIs in Europe and North America averaging 2.7 homes and Asia UHNWIs averaging 2.9.

The report also found that many – 33 percent – of survey respondents in the Middle East are planning to buy a home in 2018, placing the region ahead of the rest of the world.

The figure increases to 39 percent when it comes to intentions to buy a new home in an overseas market, placing the Middle East in second place in the rankings behind Russia.

The survey also found that UHNWIs from the region favour the UK, the UAE, the US, France and Turkey as their preferred destination for property investments.