Wealthy citizens from the Middle East have launched active searches for elite real estate in Europe. The protracted war in the region has triggered a sharp spike in demand for both temporary rentals and the purchase of housing for long-term relocation, reports Bloomberg.
Realtors from London, Monaco, Switzerland, and the fashionable Spanish resort of Marbella report a surge of interest from a diverse audience: from multimillionaire traders to families of top managers and influencers. Clients are looking for opportunities to ride out the conflict or move to Europe permanently. Investors who recently planned to invest in the overheated real estate market of the Persian Gulf are now urgently exploring alternatives, as the war has been going on for the second month.
Until recently, megacities like Dubai and Abu Dhabi functioned as magnets, attracting expats with tax-free salaries, year-round sunshine, and a luxurious lifestyle. Local authorities implemented a series of reforms to encourage foreigners to stay there permanently. However, the war simultaneously shattered the carefully constructed image of "oases of tranquility in an unstable region."