January 12, 2024
A vibrant culture and business opportunities ripe for investment are behind the rise of Mexico and Turkey.
The Turkish lira, the country's currency, has depreciated 300 percent compared to the U.S. dollar since 2020, leading to increased demand and the opening of branded housing from luxury mainstays such as Mandarin Oriental, Four Seasons and Ritz-Carlton, as construction attempts to keep up with the market.
Unsurprisingly, Saudi Arabia is among the list of emerging destinations for HNWI, as it and Australia were ranked in the top spots for affluent relocation in 2023 ( see story ); Mexico and Turkey were not major players on the list.
[caption id="attachment_394116" align="alignnone" width="465"] Nearly 30 percent of survey respondents foresee the market “going up” in 2024. Image credit: Sotheby’s International Realty[/caption]
Tides are shifting for the Middle Eastern country, as laws are expected to change in the coming months, allowing foreign companies and individuals to invest in its real estate, multiplying demand overnight.
Companies, including Sotheby’s International Realty, have moved into Saudi Arabia in anticipation of the legislation.
Investment incentives
While larger waves of migration and housing traffic hit the aforementioned countries, other smaller jurisdictions are placing their hat in the ring with strong tax incentives.
Hong Kong offers a “family office” fiscal benefit as of Ma
