The phrase ‘dream destination’ can evoke different meanings depending on the person, but for me, it signifies a magical place that captures our hearts and minds, where we feel instantly connected, comfortable, and, most importantly, right at home.
It’s safe to say that the world is truly your oyster when searching for your ideal escape. Picture sun-kissed shores lined with tropical palm trees swaying gently in the breeze, quaint towns with cobblestone streets, rolling green mountains stretching as far as the eye can see, historic regions evoking nostalgia, or a glittering city that is both energetic and exhilarating.
I recently had the pleasure of speaking with Berkshire Hathaway HomeServices network leaders from various dream destinations around the world, including Dubai, the Florida Keys, Nantucket, San Miguel de Allende, and Santa Barbara.
Each leader beamed as they shared what makes their region a dream come true, revealing their personal love for the places they call home.
They also provided updates on their real estate markets and offered forecasts for the future. These conversations illuminated the unique charm and allure of each location, showcasing why they captivate the imagination and offer unparalleled experiences.
In the pages that follow, we delve into these regions in our first Dream Destinations report, drawing from these conversations and a series of interviews to provide an up-to-date snapshot of each market.
I hope you enjoy exploring and learning more about these beautiful corners of the world.
Gino Blefari Chairman and CEO Berkshire Hathaway HomeServices
welcome
Lavish Living: Dubai’s Rise as an Expat Favorite
With almost anything you could ever want—food, fashion, entertainment, luxurious homes, and more—readily available right at your fingertips, it’s no wonder that the glittering city of Dubai in the United Arab Emirates attracts numerous new expat residents each year.
Dubai’s real estate market is renowned for its opulence and luxury. High-end brands like Armani, Bvlgari, Baccarat, and Bugatti are developing residences in the city, capturing the attention of wealthy foreigners.
Phil Sheridan, CEO of Berkshire Hathaway HomeServices Gulf Properties, notes that “Dubai comprises approximately 90% expats representing about 190 or more nationalities.”
Over the years, Sheridan has observed significant shifts in the demographics of property buyers. Historically, buyers predominantly came from neighboring countries like India and various North African nations, along with a strong presence of British investors. However, recent global events, such as the conflict in Ukraine and the Arab Spring, have notably increased investment from Russia and Egypt. Additionally, Sheridan has noticed a rise in inquiries from the United States, reflecting Dubai’s growing appeal amid global instability and high taxes in Western countries. Dubai is also recognized as a thriving hub of wealth and business with significant future potential.
Traditionally, expats purchased property in Dubai with cash, but mortgage financing is becoming more common, Sheridan said. For those looking to establish a home in Dubai, there are various investor and residency visas available.
Miami used to lead the way in terms of the number of branded residences, but now, Dubai certainly has more than anywhere else in the world.”
- Phil Sheridan
Buyers increasingly see the value in purchasing off-plan properties, with these types of sales now representing about 60% of all transactions. This trend underscores buyers’ willingness and confidence to purchase to be built properties.
While the rising cost of living experienced around the world has prompted developers to create smaller living spaces, they remain focused on developing properties to offer an incredibly luxurious lifestyle. This includes integrating smart home technologies into residences and providing residents with exclusive services like Michelin-star dining and luxury transportation.
Waterfront properties on Palm Jumeirah remain highly sought-after. With limited new construction on the man-made island, numerous new projects are underway to make mansions even larger and more opulent.
Florida Keys: The Hamptons of Florida
The string of tropical islands stretching 120 miles along the southern tip of the United States—the Florida Keys—is celebrated for its laid-back lifestyle, unparalleled aquatic adventures, serenity, and beauty. Proving to be a popular location during the pandemic for enjoying the great outdoors, the Florida Keys now attracts not only millionaires but also billionaires seeking vacation homes along its pristine shores.
Will Langley, Owner of Berkshire Hathaway HomeServices Keys Real Estate, notes that the Florida Keys is proving popular with well-heeled buyers hailing from the Carolina’s, Virginia, New York, Ohio, and from throughout Florida itself. These buyers, he says, predominantly seek vacation homes rather than permanent living arrangements.
The Keys has always been a very unique market, but it has really become more like the Hamptons of Florida.
- Will Langley
The influx of buyers has driven property values up and resulted in record-breaking tourism numbers, with hotels experiencing some of the highest occupancy rates in Florida. The expansion of Key West International Airport is also a boon to the region, with more commuter flights further streamlining access.
With inventory remaining tight year over year, the market remains highly competitive due to a significant
shortage of available properties. In fact, Langley says some buyers are willing to pay top dollar for lots or homes that need significant work, just to secure their place within the Florida Keys.
The real estate market in the Florida Keys spans a broad price range, encompassing properties from around $400,000 to those reaching multimillion-dollar figures, Langley said. New construction is limited due to space constraints and local regulations, so much of the development focuses on renovating existing properties, especially in historic areas.
One such historic region is Key West—the southernmost city in the United States, roughly 90 miles north of Cuba—famed for its vibrant culture, dynamic music scene, lively nightlife, top-notch diving and fishing opportunities, cruise ship stop, and bustling Duval Street. The epicenter of entertainment and dining, Duval Street is surrounded by historic homes that exude charm. “We’re a little four-bytwo-mile island with a whole lot going on,” Langley said.
Langley says the Florida Keys is expected to remain stable and continue to attract buyers as a world-class destination with ongoing improvements that enhance desirability. Additionally, the strong demand for vacation rentals year-round—ensuring holidaymakers secure their bookings sometimes up to a year in advance—highlights the Florida Keys’ appeal.
The Elite Find Summer Sanctuary on Nantucket
Nantucket’s allure for the elite is undeniable, offering an exquisite blend of luxurious living within a charming, intimate environment. Once the whaling capital of the world, this small island off Cape Cod, Massachusetts, now attracts billionaires and high-profile individuals with its stunning dune-backed beaches, exceptional golf courses, and a deep harbor perfect for luxury yachts. The island’s appeal is further enhanced by its rich history, vibrant festivals, luxury shopping, and a culinary scene that caters to the most discerning tastes.
The real estate market on Nantucket is a reflection of its desirability, with home prices reaching unprecedented heights. Robert Sarkisian, Broker of Berkshire Hathaway HomeServices Island Properties Nantucket, emphasizes the island’s modern infrastructure, which includes a commercial airport, a $100 million hospital, extensive bike paths, and a free bus system. These amenities add to the island’s appeal, offering both luxury and convenience to those who call Nantucket home.
“Another big draw is that more than half the island is conservation land,” Sarkisian notes. “This not only ensures breathtaking natural landscapes but also maintains lower density and lighter traffic, enhancing the island’s tranquil atmosphere.”
The market for Nantucket’s luxury properties continues to thrive, with record-breaking sales and steadily rising property values. Many of the island’s homes are grand estates, featuring expansive main houses, guest accommodations, stunning pools, meticulously landscaped grounds,
and ample space for both indoor and outdoor entertaining. In recent years, the addition of pools, spas, outdoor kitchens, and firepits has become a highly sought-after feature, reflecting the island’s evolving luxury trends.
When I first moved to Nantucket about 30 years ago, there were very few pools. But in the last 10 years, they have become very popular. Many people want a pool at their home, whether they are buying or renting,”
- Robert Sarkisian
The rental market on Nantucket has also seen significant growth. The demand for high-end rental properties has surged, particularly during the peak summer months. Weekly rental rates now start around $8,000 for modest homes and can reach up to $100,000 for premium properties. There’s also a growing trend in extending vacations beyond the summer, with increased popularity during the shoulder seasons of spring and fall.
Nantucket’s exclusivity is further accentuated by the presence of presidents, celebrities, and notable business figures, who often enjoy the island’s discreet charm and privacy. A stroll along Main Street frequently results in familiar encounters, thanks to the island’s relaxed yet sophisticated atmosphere, making Nantucket a preferred destination for both relaxation and high-profile gatherings.
Luxury Meets Tradition in San Miguel De Allende
The enchanting city of San Miguel de Allende in Mexico’s central highlands continues to capture the hearts of real estate buyers and retirees looking for a picturesque part of the world with cultural richness, historical charm, luxury amenities, and a perpetual spring-like climate for an exceptional quality of life.
The majority of foreign real estate buyers that are drawn to San Miguel de Allende are from the United States, says 15-year resident expat, Gregory Gunter, Broker of Berkshire Hathaway HomeServices Colonial Homes San Miguel.
These buyers, he notes, are mainly from California, Texas, Oregon, Washington, New York, the Carolinas, Florida, Colorado, and New Mexico. While Canadian and European buyers are also active in San Miguel de Allende, Americans are predominant.
Gunter reports a rise in market activity in 2024 compared to 2023. He attributes this increase to U.S. political developments, and anticipated declines in U.S. interest rates, which may ease financial pressures for potential buyers.
Additionally, he says, the lifestyle is hard to beat.
“Condé Nast Traveller and Travel + Leisure magazines have each named San Miguel de Allende the #1 Small City in the World five different years,” Gunter said. “The majority of the population is bilingual, we have more than 550 amazing restaurants, a robust expat social scene, and many entertainment options including opera and theater. I share with clients that we have the largest English-language cultural and social infrastructure of any expat destination in Mexico.”
In the local real estate market, different segments are performing variably. More affordable housing, priced between USD$400,000 and USD$600,000, remains strong. However, the mid-range segment (USD$600,000 to USD$1.25 million) follows 2023’s pattern of slower sales, reflecting a more cautious approach among buyers. On the other hand, the ultra-luxury market, with properties above USD$1.25 million, remains robust, with around 47 high-end homes sold annually, a figure that has remained stable since 2021.
New developments in San Miguel de Allende are limited due to the town’s historical layout and scarce land. Nevertheless, high-end brands offering branded residences like Waldorf Astoria and Pueblo Bonito are opening soon. Banyan Tree and Meliá Hotels have announced plans as well. These developments often combine modern design with traditional elements, while classic homes featuring Spanish Colonial architecture—such as cantera stone, wrought iron, and Talavera tile— continue to appeal to those who value traditional aesthetics.
For foreign buyers considering a purchase, financing options in Mexico are available but typically come with higher interest rates compared to the United States. Consequently, many buyers opt to pay in cash or use a line of credit from the United States. Mexico offers permanent residency visas based on income, savings, or real estate investment (with a threshold around USD$525,000), although real estate purchases alone do not grant citizenship.
Santa Barbara’s Enduring Allure
Santa Barbara is a renowned coastal enclave on the central California coast, known for its notable residents, famous vineyards, and grand homes that offer sweeping views of the mountains and the ocean.
Kyle Kemp, Regional Vice President of Berkshire Hathaway HomeServices California Properties for the regions of Santa Barbara, Ventura and San Luis Obispo, says the current real estate market in the region is strong—from the opulent grand estates in Montecito to the more modestly priced homes in the northern part of the city.
properties. In Montecito, one can find large estates providing ample privacy and exclusivity. The Riviera offers stunning views of the harbor and downtown, while Hope Ranch features private beach access, ocean views, and a private golf course.
This variety makes it a desirable location for those seeking an exclusive lifestyle, including celebrities who appreciate the area’s serene environment away from the relentless attention of paparazzi, yet only an hour-and-a-half drive from Los Angeles.
“As a community, we are very mindful of being respectful and protective of our celebrity residents to ensure they feel comfortable at home,” he said, noting that a celebrity sighting at lunch is simply par for the course.
Our average days on market is about three months, which is a very fast market. Six months is what we consider a normal market, so we’re pretty active.”
- Kyle Kemp
The movement in the market can be observed at all price points, said Kemp.
“We recently sold a $52 million home, and we also sell mobile homes and properties in the under-a-million range. There is a wide variety of available options.”
While buyers are predominantly from Los Angeles, Kemp notes an increasing interest from those in San Francisco, Texas, and the Midwest.
At the very high end of the market, Santa Barbara offers diverse options, including vineyards, ranches, and rare historic and architecturally significant
The allure of Santa Barbara remains strong, especially for those who may have previously lived there but then moved to other states for tax reasons. Kemp says a significant number of these affluent buyers are returning, either as second homeowners or by maintaining their property investments.
To meet the demand, Kemp says that new luxury developments are emerging, including one near the iconic Santa Barbara Polo & Racquet Club.
