Rich Saudis, Indians fuel Dubai's property boom

EMIRATE LEADS THE WORLD IN $10 MILLION+ HOME SALES

- BY MANOJ NAIR Business Editor

Wealthy Saudi nationals and Indians are among the biggest investors in Dubai's luxury property market, with the city still shining bright as a destination for individuals with personal wealth of $20 million and more.

This is the buyer base that's been behind the sustained rise in demand for super-luxury homes in Dubai - a trend that's going to run for quite a bit longer.

Steel tycoon Lakshmi Mittal was the latest ultra-high-net-worth individual to buy a home in Dubai, at Emirates Hills for $100 million.

'Preferred emirate'

In fact, a substantial 71 per cent of global high-net-worth individuals name-checked Dubai as "their preferred emirate in the UAE for a real estate acquisition". This preference is highest among wealthy Saudis (80 per cent), followed by British (74 per cent), Indians (69 per cent) and East Asians (61 per cent).