00:00Wealthy Middle East residents are hunting for high-end homes in Europe as they seek
00:03to escape the Iran war.
00:05Real estate agents say they're seeing increased interest from influencers, multi-million dollar
00:09traders and wealthy families.
00:11They're eyeing up high-end properties in Monaco, Switzerland, Spain's Marbella and London,
00:15where estate agents Knight Frank say they've seen a near 17% increase in prospective tenants.
00:21Some want short-term bolt holes until the current conflict is over.
00:25Others though are looking for a permanent move overseas.
00:27It's a blow to gulf cities like Dubai, which for years lured the aspirational professionals
00:32looking for year-long sunshine, tax-free pay and a luxury lifestyle.
00:37While the super-wealthy have long had global property portfolios, it's the professional
00:41and the expat class which are now weighing their options.
00:44But there are hurdles for those wanting to make a permanent move.
00:46Changing your tax residency takes time, as does opening a local bank account.
00:50And for those with children, finding them a new school is also complicated.
00:53Still, business hubs like Dubai have weathered previous crises, and Wall Street firms have
00:58been lining up to publicly back the region.
01:00But as people weigh concerns about their personal safety and their long-term security, European
01:05cities, which once lost out to Dubai, are firmly back in the picture.
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