Sotheby’s International Realty and Wealth-X released their Europe, Middle East and Africa (EMEA) Luxury Residential Real Estate Report, Q1 2015. The report profiles three cities within EMEA, “to present a more detailed view of one of the most fascinating and diverse regions in the world.” The cities of Madrid, Dubai, and Cape Town were chosen because they offer “numerous compelling reasons to invest in” their respective “residential real estate market[s].”
The chart below examines the average of specific listings in each of the profiled cities, comparing them to London, “the prime real estate hub in the region.”
The top attractions in Madrid, according to the report, are a desirable climate, close distance to the Mediterranean and Pacific resorts, and Spanish culture, cuisine, and sport. The report reads, "Madrid possesses a range of ultra luxury lifestyle opportunities to rival other major European cities, but its real estate prices are below those of London or Paris, and its Spanish culture provides a distinctive resort destination and gateway into a new world of ultra high net worth (UHNW) social networks."
Dubai’s top attractions, as the report describes, are the luxurious hotels and buildings, 300 days of sunshine, and its status as a finance, trade, and tourism destination in the Middle East. The report reads, “the cosmopolitan nature of Dubai has made it an extremely attractive real estate market for a wide range of investors from all over the world who are looking to invest in a rapidly growing and secure real estate market.”
Cape Town’s top attractions are its natural vistas and wonders, the vibrant city, and active outdoor scene. The report says, “named as the World Design Capital in 2014, Cape Town’s diverse architecture and storied past make the city extremely appealing to UHNW individuals. The city is also home to an array of luxury brands and services, and the luxury sector is growing in line with the expanding prosperity of the region.”