“Great Migration”: oligarchs change their place of residence, leaving London

“London is over,” writes Bloomberg, stating the increased interest of billionaires in real estate in Dubai.

London is losing ground

Citing a source, the head of a real estate agency, the publication notes that London has ceased to be popular among wealthy people. One of the realtor’s clients, for example, is selling his penthouse located in the historic district of the British capital. This property in Belgravia is valued at £28 million, although it is unlikely that more than £20 million will be given for it now.

A report from real estate consultancy Knight Frank, says the realtor, notes that over the past year, the London luxury real estate market has grown by only 1.5%, at the same time, New York – by 2.7%, and Dubai – by 44%. %. So the choice of his client also fell on Dubai – an important reason is that the billionaire does not want to pay taxes.

How writes BB.LV, wealthy people also choose real estate in Singapore, Turkey, Monaco, Hong Kong, Italy and Switzerland. Although London is still not ready to give up its positions – while it is in the lead in the number of real estate sales more than $ 25 million.

Riyadh or Dubai

The ambitious plans of Saudi Crown Prince Mohammed bin Salman are to turn the country’s capital, Riyadh, into the world’s largest city, doubling the population of the metropolis by 2030 to 15 million people, says Bloomberg.

To do this, the country has introduced rules prohibiting government agencies from doing business with international companies if they do not have regional headquarters in Saudi Arabia. Since 2024, these requirements will come into effect, so foreign firms are already sending their employees to the country.

Bloomberg notes that in a similar way, Riyadh is trying to compete with Dubai – more “free and cosmopolitan”, but also more expensive. Not in favor of Riyadh is evidence of a potential shortage of housing and an increase in the cost of its rent, as well as a non-functioning metor, which was promised to open in 2019. Another disadvantage compared to Dubai is the stricter standards than in the UAE, which apply in many areas. For example, a ban on alcohol.

However, Riyadh does not give up. Companies, trying to attract employees, promise to increase their salaries in connection with the move. Those who move from Dubai to Riyadh will receive at least 35-40% more, and in addition they will be guaranteed to keep their job for five years. But so far, the publication states, there are not too many who want it – the majority is afraid of moving.

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