Latest news with #luxuryrealestate
Arabian Business
4 hours ago
- Business
- Arabian Business
Dubai's housing strategy works for the 1% – and the 99%
On one side, a magnet for the ultra-wealthy, Dubai's luxury market dazzles with sky-high towers, private islands, and exclusive communities. On the other, a fast-growing segment of remote workers and digital nomads seek affordable, flexible living arrangements. Distinct yet intertwined, these two worlds shape the city's evolving real estate story in ways that reveal Dubai's unique position on the global stage. A tale of two markets A recent Knight Frank report reveals that Dubai held its title as the world's most active market for homes valued above $10 million for the second year running, recording 435 sales in the luxury segment throughout 2024—almost equal to the combined sales of London and New York. This segment values bespoke experiences, private pools, concierge services, and exclusive golf courses are staples that satisfy buyers craving distinction. Conversely, a new breed of residents has been reshaping demand with radically different priorities. Digital nomads and remote workers, often younger and more mobile, prize flexibility over extravagance. Co-living spaces, furnished apartments, and short-term leases dominate their choices. Dubai's government initiatives, such as the Virtual Working Program launched in 2021, have attracted thousands to settle in the city temporarily. Neighbourhoods like Dubai Internet City, Jumeirah Village Circle (JVC) and Al Quoz thrive as vibrant hubs offering affordable options combined with fast internet and easy access to co-working facilities. Shifting consumer needs redefine value The rise of the digital nomad signals a broader change in how people value real estate. For many in this cohort, location is less about proximity to business districts or landmarks and more about community, lifestyle, and adaptability. Their choices often emphasise shared amenities, social engagement, and urban vibrancy. This contrasts sharply with the ultra-wealthy, for whom exclusivity and seclusion form the essence of value. Developers and investors face a balancing act. Catering exclusively to luxury buyers risks overlooking a swelling demographic seeking attainable options. Meanwhile, focusing solely on affordability without quality and lifestyle risks alienating aspirational residents. Dubai's real estate market is bridging this divide, with mixed-use developments like City Walk and District 2020 integrating high-end residences alongside flexible workspaces and community-driven environments. Balancing exclusivity with inclusivity Dubai's real estate success depends on weaving inclusivity into a fabric historically defined by exclusivity. The city's strategic vision acknowledges that prosperity thrives through diversity. Fostering developments that welcome both the ultra-wealthy and the digital nomad, Dubai leverages the strengths of both markets. Take Bluewaters Island, a luxury destination featuring upscale residences, hotels, and entertainment, yet seamlessly connected to the broader city via public transport and pedestrian-friendly pathways. Such an integration invites a wider audience to participate in the lifestyle while preserving the allure of exclusivity. Meanwhile, districts like JVC cater to mid-income residents and remote workers with affordable villas and apartments that offer community spaces and access to retail and leisure amenities. This dual approach strengthens the city's resilience. It cushions market fluctuations by diversifying demand and fuels innovation as different resident profiles bring varied economic activity and cultural influences. The co-existence of exclusivity and inclusivity becomes a driver of sustainable growth rather than a source of conflict. A bridge between two worlds Few cities combine global luxury appeal with a progressive digital workforce as effectively as Dubai. Its geographic location, robust infrastructure, and open economy create a unique gateway connecting East and West, tradition and innovation, wealth and accessibility. The digital nomad trend, while global, finds fertile ground in Dubai due to supportive policies, a thriving startup ecosystem, and world-class amenities. In parallel, Dubai's luxury real estate maintains its position as a haven for capital and lifestyle investment amid shifting geopolitical and economic tides. Globally, cities like London and New York have witnessed similar dualities but struggle with affordability crises and fragmented policy responses. Dubai's ability to strategically nurture both ends of the spectrum offers a model for sustainable urban evolution. A new social contract The co-existence of billionaire playgrounds and digital nomad havens signals a new social contract where diverse aspirations are validated within one cityscape. Urban planners and developers must embrace this complexity as a strength. Designing spaces that encourage interaction between different socio-economic groups could spark innovation and foster empathy. The future belongs to cities that understand how to weave diverse lifestyles together in a smooth and balanced way.
Daily Mail
9 hours ago
- Entertainment
- Daily Mail
Bodybuilder Sergio Taranto lists lavish semi-rural mansion in Victoria for $7m
Bodybuilder Sergio Taranto has reportedly listed his resort-style mansion in Victoria's Yarra Ranges for sale. Located in leafy Lysterfield, 32km from Melbourne, the five-bedroom, five-bathroom ultra-modern pad has a price guide of $6,500,000 to $7,150,000. Built on top of a hill in the sought-after Carrington Estate development, the sprawling two-storey home offers a commanding view of the surrounding bushland. The sales agent responsible did not confirm Taranto as the owner of the 5,928 square metre property, reported the Herald Sun on Friday. However, the publication said documents for the massive architect-designed home confirm the well-known personal trainer as the owner. From A-list scandals and red carpet mishaps to exclusive pictures and viral moments, subscribe to the DailyMail's new showbiz newsletter to stay in the loop. Constructed on what was once a cow paddock, the steel and glass home features soaring ceilings and dramatic design features, including a Lucretia crystal chandelier. Highlights include a second storey undercover alfresco dining and relaxation space. There's also a second alfresco space on the ground floor with built-in BBQ and adjoining courtyard. Other features include a home theatre with luxurious cinema seating, a gym and an indoor pool and spa. Meanwhile, the massive main bedroom occupies an entire wing of the upper floor and includes an ensuite and a dressing room with two walls of wardrobes. For added luxury, the main suite is host to a drop-down TV, a drinks station and a freestanding bath. Also featured on the top storey is a 'retreat' space and a balcony which spans the entire floor. Elsewhere, the kitchen offers a dual-island with 'waterfall' benches, granite sinks, and a large butler's pantry with a second kitchen. Buyers are likely to be drawn to Taranto's listing since the Carrington Estate is known for its up-scale homes which rarely hit the market. Situated in sight of the famed Dandenong Ranges, the ritzy neighbourhood offers underground power and large nature strips. As an added touch of charm, developers have installed 'heritage' street lamps. Best known as a men's health specialist, Taranto has competed in the International Federation of Bodybuilding and Fitness Championships (IFFB). In 2014, he scored second in the IFBB Sydney competition in the Open Super Heavyweight event. He achieved the same result in Perth a year later for the National Physique Committee (NPC) tournament in the Classic Physique Masters competition. Taranto also launched a YouTube channel offering health hacks, which has since been retired.
Daily Mail
11 hours ago
- Business
- Daily Mail
Revealed: The most tax-friendly state in America where the ultra-wealthy are flocking for business
Wyoming is rapidly establishing itself as a top destination for ultra-wealthy individuals and businesses, drawn by its tax advantages and high-end real estate market. As one of nine US states with no state income tax, Wyoming offers significant financial incentives for affluent residents. Additionally, the state's Dynasty Trust laws allow families to transfer wealth across generations while avoiding estate, inheritance and state income taxes - further solidifying its status as a tax shelter. The state's appeal is amplified by its business-friendly environment and low property taxes, attracting both individuals and companies seeking to minimize their tax burdens. 'Wyoming is the most tax-friendly state,' Latham Jenkins, a real estate agent with Live Water Jackson Hole told 'Retirement benefits are not taxed at the state level, and it's one of the most business-friendly states in the nation.' Wyoming's luxury real estate market is also thriving. The state's appeal is amplified by its business-friendly environment and low property taxes, attracting both individuals and companies seeking to minimize their tax burdens. Pictured: A luxury home under construction near Jackson, Wyoming Although the state's overall housing inventory is limited, its high-end listings stand out. Approximately three percent of active listings in Wyoming are priced over $5 million - ranking significantly higher than neighboring states such as Idaho at 1.3 percent and Montana at 1.9 percent. The Teton County area - home to Jackson Hole, a world-class skiing destination - dominates the high-priced market, with 57 of the 69 listings above $5 million, reported. Aside from its proximity to the top-rated Jackson Hole Mountain resort, the region's appeal to the ultra-wealthy is driven by its exclusivity, stunning landscapes, and celebrity presence, with A-listers like Harrison Ford, Sandra Bullock, and Kanye West reportedly owning property in the area. The median listing price in Teton County sits at $2.95 million, while the state's median is $495,000. The area's limited land availability, with 97 percent of Teton County federally protected, further drives up demand, making it an attractive option for wealthy buyers. Despite strong demand, luxury homes in Wyoming tend to stay on the market longer than in other states. Properties priced at $5 million or more have a median listing period of 187 days, compared to 81 days in Idaho and 114 days in Montana, according to the real estate outlet. The state's extended timeline reflects a market where sellers, often without mortgages, are less inclined to lower prices, leading to a more patient and strategic selling process. Wyoming's luxury real estate market is also thriving. Pictured: The entrance to the Diamond G Ranch near Dubois, Wyoming which was on sale for $71 million in July 2022 In Teton County, 33.1 percent of listings were priced above $5 million as of May, suggesting a growing influx of high-net-worth individuals. Pictured: Grand Teton National Park in Wyoming Margi Barrie, associate broker with Prugh Real Estate, notes that sellers are in no rush. 'People are more bullish in their prices, and more confident. A lot of people aren't leveraged on their property so that they can sell them, or not,' she explained to In Teton County, 33.1 percent of listings were priced above $5 million as of May, suggesting a growing influx of high-net-worth individuals. However, the lack of price reductions indicates that many sellers are not eager to exit the market quickly. The northwestern state's combination of tax advantages, business-friendly policies, and a high-demand luxury real estate market make it an increasingly attractive destination for the ultra-wealthy.
Bloomberg
16 hours ago
- Business
- Bloomberg
Evergrande Tycoon's Ex-Wife Spent Millions on Homes as Firm Sank
The ex-wife of China Evergrande Group 's chairman spent millions on luxury apartments in London, nine months after the developer defaulted on its loans. While a court document in January unveiled her ownership of 33 units at the high-end residential development Thames City, it didn't include the timing of the purchase. The properties worth £49.8 million ($67 million) were acquired in September 2022, according to data compiled by Bloomberg News based on UK land registry filings. That's almost a year after Chinese authorities asked Evergrande Chairman Hui Ka Yan to pay debt with his personal wealth.
News.com.au
21 hours ago
- Business
- News.com.au
Race car driver's pool party pad has an underwater bar
A race car driver has collected $5.65m from the sale of his Gold Coast mansion complete with an underwater bar and glass panel view to the resort-style pool. The Helensvale property changed hands in an off-market deal handled by Ray White agent Jai Bower for a sum equal to the suburb's residential record. The 2021-built mansion on a 1,636 sqm lot at 23 North Bank Ct was owned by Shane Tucker, who was one of Australia's highest profile drag racing competitors, and his wife Rebecca Maloney. Records show the couple paid $1.08m for the vacant block in 2017, entrusting Stuart Osman with the design and Resolve Construction with the build. Epic mountain retreat up for grabs Pro Stock driver Tucker splits his time between Australia and Texas in the US, and owns a tequila brand with partner Jesse Ross, a former Australian Olympic boxer. The sleek five-bedroom, six-bathroom house had been listed with another agent last year but didn't sell. Its features included a lavish master bedroom overlooking the Coomera River, kitchen with Caesarstone waterfall island and butler's pantry, a media room and office. Designed for entertaining, the home also has its own 'wellness retreat' with a six-person sauna, full gym and spa, while the pool's glass panel provides a unique water view from the basement-level cocktail bar. 'This is an exceptional residence setting a new benchmark for luxury family living,' Mr Bower said. He said a 6m high entry foyer set the stage for 'opulence' throughout the home, with high-end finishes including timber cantilever stairs. 'Open-plan living areas connect the interiors to resort-style outdoor spaces, and a central mezzanine with floor-to-ceiling glazing and a ceiling void allows natural light to pour in.' Mr Bower said the home was positioned on a coveted north-east facing block just moments from the main river, and with 40m of water frontage. The sale matched another Stuart Osman-designed mansion in the same estate which changed hands for the same amount in July last year. River Links estate is currently one of the only waterfront estates in the northern Gold Coast that has direct access to the ocean and no body corporate fees, the agent said. PropTrack data shows Helensvale's median house price was up 4.1 per cent over the last 12 months to a median of $1,217,750.
