The 2024 BARNES City Index is the perfect illustration of the upheavals that have hit the luxury property market over four years. For the first time, a city from the Middle East takes the top spot. Dubai now appears as a true Eldorado in the eyes of investors and entrepreneurs from Europe, Asia, Africa and the Americas alike.
1. Dubai
The largest city in the UAE with 3.65 million inhabitants, Dubai was founded in the 18th century and remained a modest fishing port until the late 19th century. In half a century, Dubai has transformed into one of the world's leading tourist destinations, a major financial and business hub and a top international luxury property destination. Its population, growing at an average rate of 4-7% per year for nearly 30 years, is 92% composed of expatriates.
2. Miami
Miami has become the world's 3rd metropolitan luxury real estate market in a few decades. The world's number one cruise port and a financial and tech hub for the US South-East, it has benefited from a massive influx of wealthy residents since the pandemic. Cosmopolitan and entrepreneurial, it attracts an active international population who choose the sun as a permanent lifestyle.
3. New York
The city that never sleeps retains a solid third place in the global Top 5. A reference point for HNWI and UHNWI, whether to settle there or simply have a pied-a-terre. New York remains a must-see destination for its unique fundamentals: global financial centre, unrivalled cultural and gastronomic offering, and the prestige of its great universities.
4. Madrid
Madrid has established itself as one of the most interesting European capitals in terms of real estate. Cosmopolitan, cheerful and lively, Madrid attracts buyers from around the world. Its art de vivre, tax stability and quality infrastructure have made it a safe bet. BARNES Madrid reports a significant increase in turnover.
5. Paris
Paris, which topped the previous edition's rankings, has likely been impacted by the images of repeated strikes and protests that have circled the globe. But the French capital has an almost unalterable appeal. It retains its prestige in a context where its luxury property market has shown resilience despite political and economic turbulences.