Thriving hotspots for excess and luxury, Monaco and Dubai are highly sought after destinations for the world’s wealthiest individuals. With world-class facilities, restaurants, incredible health care and a favourable tax regime in both destinations, it is unsurprising that the world’s top earners choose to reside in Monaco or Dubai. To learn more about these exquisite destinations, and which one is best for property investment, then keep on reading.
Monaco vs Dubai
Known as the playground of the rich and famous, the city-state boasts an impressive concentration of exceptionally wealthy people. According to Forbes, one in three people in Monaco are millionaires.
The worlds wealthiest choose to reside in Monaco thanks to the city state’s political and economic stability, low tax regime, and world-class health care and educational system.
Located at the heart of the French Riviera, superyachts are a regular sight in Monaco’s two harbours and with so many yacht charter and brokerages, it makes the city ideal for superyacht enthusiasts.
While Monaco vs Dubai is much smaller, it has an abundance of leisure activities to indulge in. From beautiful beaches lapped by the Mediterranean Sea to world-class events, golfing and Michelin star restaurants. Exclusive events are also held in Monaco every year, such as the Formula One Grand Prix, the Monte-Carlo Masters tennis tournament, and the Monaco Yacht Show. The spectacular Cannes Film Festival is nearby too.
If you frequently travel for work or to other properties, Monaco boasts some of the best transport links, just half an hour from the Nice Côte d’Azur Airport by car and under 10 minutes by helicopter.
When considering Monaco vs Dubai it is also worth noting Monaco’s incredible year-round climate. The principality receives around 300 days of sunshine each year, with temperatures averaging a balmy 50 F in the winter and peaking at around 75 F in the summer. The French Alps are also within easy reach, making it easy to get away for a weekend of skiing, snowboarding or après-ski.
Monaco boasts some of the most incredible and exclusive luxury properties in the world. With fantastic views of the Mediterranean and incredible harbours loaded with superyachts, the location is simply unbeatable. According to a report from the Real Estate Observatory, record price increases over the past 15 years have proved that Monaco real estate investments offer great returns. Despite slightly dipping over the past year, Monaco’s average price per square meter stayed at around 47,619 Euros in 2020, compared to 2018, when it reached a record high of 48,799 Euros.
According to Knight Frank, Dubai is said to be among the world’s fastest-growing cities for high-net-worth individuals.
Dubai is an ex-pat haven with everything you need for a successful, safe and glamorous place to buy property. Dubai’s thriving construction trade can benefit individuals, who since 2002 have been allowed to buy a property and enjoy very low taxation rates. With the most incredible modern architecture and superb residences in the world overlooking spectacular marinas and golden beaches, it is little wonder this is a favoured destination for the wealthy.
With a strong currency to the US Dollar and Euro and a steady growth in GDP of around 5% each year, Dubai is one of the most financially stable destinations in the world, according to Economist Intelligence. With such a strong economy, huge government investment has ensured that Dubai’s infrastructure remains one of the most modern and reliable in the world. Healthcare standards remain unbeaten, offering the very best care in excellent facilities staffed by highly trained medical professionals.
When exploring Monaco vs Dubai, it is worth noting that Dubai, just like Monaco, does not take any income tax from earnings or add on VAT to goods or food, meaning there is much more money to indulge in leisure activities.
Luckily, Dubai is a city of endless leisure, from skiing around 22,500 square metres of indoor slopes to horse riding in the desert. The city also boasts some of the most world-renowned shopping malls housing not just the most desirable luxury boutiques but cinemas, ice rinks, aquariums, ski slopes and theatres. The city also offers plenty of beach parties, club nights and international sporting events almost every day and night. In addition, Dubai’s international culture has had an incredible influence on its culinary scene. With an abundance of Michelin star restaurants on offer, you will find cuisines from all over the world.
Perfectly positioned in the world, Dubai is seen as a gateway to almost anywhere in Europe, with Asia and Africa just under eight hours away by plane or private jet. With one of the busiest airports in the aviation world, you can visit a plethora of the most exotic holiday destinations. A long weekend in the Maldives or a short trip to Goa is just a four-hour flight away.
With so much on offer in both of these luxurious and extravagant destinations, does Monaco or Dubai appeal to you the most?