Cape Town Attracting World’s Most Rich Luxury Home Buyers
Since there is a lot of political turmoil in the world, the richest people internationally seem to be very interested in purchasing the most extravagantly luxurious properties in the European, Middle-Eastern and African region. The report presented the 3 most popular cities; Dubai, Madrid and Cape Town. London is ranking pretty high up there, as well!
According to Wealth-X, Ultra-high-net-worth people, aka UHNW, are individuals whose net worth reaches at least $30 million in total. These buyers seem intent to purchase the best, most glamorous homes in Cape Town, where lifestyle is believed to suit the tastes of such financially accomplished people. Cape Town’s properties are relatively less expensive per square foot than those in the other popular cities, so Cape Town buyers are bound to get way larger houses, most of which have 6 or more bedrooms!
Luxury real estate seems to be a vital part of the ultra rich lifestyle, according to Wealth-X President, David Friedman; ‘It touches upon several key elements in an ultra-affluent individual’s life, including lifestyle, investments and family. As their wealth continues to grow, so will their investment fueled by flight to safety from less geopolitically stable geographies.‘