In the first half of 2022, prices for elite realty rose by 4.7% in Dubai, compared with the TOP-30 cities in the world. The average was only 2.4% among these cities. Strong growth rates coupled with effective measures to combat the epidemic, high buying activity, stable demand, and successful visa reforms have helped the emirate to take 4th place worldwide in terms of elite real estate.
In the Savills Prime Residential Index: World Cities, the TOP-3 cities in price increase for premium housing units are:
- Los Angeles;
- San Francisco.
Dubai took 4th place and was the only foreign city to make it into the TOP-5.
Earlier studies by Savills highly evaluated Dubai and awarded it the third best city in the world for international migrants. This was facilitated by extensive visa reforms and programs, a pleasant climate, a sustainable luxury real estate market, and excellent transport accessibility.
The TOP-10 best cities included Seoul, Lisbon, Cape Town, Berlin, and Milan as well. Analysts believe that rising inflation and a tense global geopolitical situation have a strong influence on the vast majority of the cities in the world. But so far, they have not affected pricing in major markets very much.
In the Rental Growth Index, Dubai took 7th place with a 5% increase in rents in the first half of the year compared to an overall average rate of 3.1%.