The politics of property, from Texas to Greece

The conflict in the Middle East raised difficult questions for the region's financial centres, most notably Dubai. Missile and drone attacks had the potential to puncture the city's reputation as a safe haven in a volatile region.

But while the war has weighed on tourism, the prime residential market has remained resilient. Super-prime sales - those priced at US$10m or more – hit 86 in the third quarter, down from 103 in the same period last year, when the market was at its peak. In fact, the city recorded 412 home super-prime transactions in the first nine months of 2026, not far from the record 500 sales for all of last year, our data shows.

Developers and investors are beginning to look beyond the conflict. Emaar, Dubai's largest developer, plans to purchase the rest of its listed construction arm at a valuation of 60 billion dirhams ($16.3 billion), about 25% below the February peak, according to Bloomberg. Meanwhile, Brookfield and Abu Dhabi investment firm Lunate announced plans to establish a new Dubai-based prime residential developer targeting projects across the Gulf. 

Political flashpoints

"Democrats Rout G.O.P.", read the homepage of the New York Times just before 9am GMT this morning. Democrats won races across the political spectrum in the midterm elections, from closely contested states like Michigan to those dominated by Trump in the 2024 election, including Iowa, Kansas, Texas and South Carolina, sapping considerable power from his administration. 

It's been a nervy few weeks for those heavily invested in Artificial Intelligence and the proliferation of data centres across the US became one of several political flashpoints during the campaign. Tech-heavy stock markets in Asia fell this morning on the prospect that Democrats may seek to push through AI regulation or introduce stricter rules on data centres. 

Gina Hinojosa, who will become the first Democratic governor of Texas in more than thirty years, has called for an immediate moratorium on data center development. Roughly 13 gigawatts of data center capacity – enough to power roughly 10 million homes at any given moment – is immediately exposed by Hinojosa’s win, Gordon Johnson of GLJ Research said in a note covered by Bloomberg. 

Mobile wealth

September brought news that Chris Rokos, the billionaire investor and founder of the hedge fund Rokos Capital Management, intends to move his tax residency from the UK to Greece. Rokos paid an estimated £330 million in tax last year – equivalent to 38,000 average income taxpayers. 

Italy has drawn most of the headlines about capturing globally mobile wealth since it introduced a flat tax on foreign earnings for new residents in 2017, but Greece has quietly become a serious competitor. The government has rolled out a range of tax breaks since 2020 to encourage wealthy individuals, retirees and professionals to relocate. Under its non-dom scheme, eligible new residents who invest at least €500,000 in assets such as property, businesses or securities can pay a fixed annual tax of €100,000 on their overseas income, subject to other qualifying conditions. Foreign retirees who meet the criteria can benefit from a 7% flat tax on income earned abroad for up to 15 years, while qualifying employees and entrepreneurs moving to Greece can claim a 50% exemption on income earned locally.

Tax perks are only part of the appeal – sun, sea and relative value all play an important role, Knight Frank's Oliver Banks tells the FT. Values across the Athens Riviera vary between €6,000 and €10,000 per sq m – broadly below Barcelona (€10,000 per sq m), Lisbon (€11,000), Rome (€13,200), Madrid (€15,300) and substantially below Paris (€23,200), prime central London (€26,000) and Monaco (€54,000), according to Knight Frank data.

As has been the case with Italy, developing stock that meets these buyers' requirements presents a challenge, but it's coming. Porto Heli, about two hours by road from Athens or a short journey by yacht, is fast becoming a European hotspot, according to The Residence Report (p.17). The former fishing village is underdeveloped relative to the Cyclades or Ionian islands, and its deep natural harbour is well suited for superyachts. Six Senses is developing a private bay into a hotel with 60 rooms and suites and 12 branded residential villas with up to eight bedrooms, due for delivery in 2028. The company will join Four Seasons, which is building a new resort with 80 rooms, 30 bungalows and branded villas on 185 acres at nearby Hinitsa Bay, due for delivery next year.

In other news...

Only a third of London two-bed flats covered by Your First Home (Times), ‘Billions in foreign investment at risk’ from tax on property income (Times), Meloni Targets Rich in Symbolic Tax Move to Woo Italian Voters (Bloomberg), and finally, Bank of England explores easing key limit on riskier mortgage lending (FT).