After Adopting An Effective Plan To Combat The Covid-19 Pandemic And Implementing Recent Immigration Improvements, Dubai Is Expected To Do The Best For The Rest Of 2022.

According to the latest report, Dubai’s property market continued to persist and ranked 4th globally for luxury housing capital value development during the first half. With prices rising 4.7 % compared to an average of 2.4% across 30 cities worldwide. As the emirate allured high- net worth individuals and shareholders following its successful Covid-19 pandemic and visa reforms.

Dubai is the only international city in the top five in terms of capital value increase. Along with the other, four spots held by US cities Miami, Los Angeles, San Francisco, & New York.

An earlier Savills report also ranked Dubai as the third best place in the world for executive nomads. Thanks to its liberal visa policy, pleasant environment, excellent connectivity, and developed top residential market.

The top 10 cities on the index also included Berlin, Milan, Seoul, Lisbon, Cape Town, and Cape Town. Most major cities throughout the world are being impacted by geopolitical unpredictability, rising inflation, & rising interest rates. Although they have not yet had a significant influence on pricing in the core markets, according to the research.

The index also revealed that Dubai’s rental increase for the first half of the year exceeded 5%, compared to a global average of 3.1%. The emirate earned the seventh spot in the Savills World Cities Rankings Rental value change with a 5.3% rental rise. New York, London, Lisbon, Singapore, Miami, and Los Angeles took the top six spots. San Francisco, Kuala Lumpur, and Sydney are also among the top 10 cities in the rental index.

Continued Capital Growth

The Savills also predicted that Dubai’s strong capital growth would continue for the rest of 2022 due to the influx of individuals with high net worth and the success of its own Golden Visa program. The emirate also benefited from people’s rediscovered appreciation for a better quality of life, a warmer temperature, and spaces that are more open.

According to Helen Tatham, CEO of Prime Residential Dubai, Dubai is expected to perform the best for the remainder of 2022 due to several factors. The most recent of which was the addition of benefits for those with long-term visas. These changes have given residents the chance to enjoy a higher quality of life nearby.

According to him, there is a growing trend among current residents to consider making Dubai their primary residence over the long term. In addition to a rise in high net worth, expats choose Dubai as just a new long- or part-time residence.

In H2 of 2022, capital value growth is expected to average 2.2% across 30 world cities we track, Tatham, predicted. This is a modest decline from the 2.4% seen in the first quarter of the year. According to a recent estimate by Henley & Partners, 4,000 millionaires are expected to relocate to the UAE in 2022, according to Savills.

This is 4 times the pre-pandemic average of 1,000 cases per year. It said, adding that the emirate continues to invest in the infrastructure of the city. In addition, enhance its tourism and leisure offerings in an effort to keep and recruit top people and businesses.

Dubai, New York, & Los Angeles had yields above 4.5%, making them the highest-yielding cities, even though they only moved in after June 2021. For comparison, in the 6 months leading up to June 2022. The estimated net prime yield for the 30 cities included in the Index stayed at 3%.

Final Thoughts

During the H1 of the year, Dubai’s prime property values increased by 4.7%. Above the 2.4% average growth seen in the 30 cities that Savills monitors.
The top five cities for capital value increase included only US cities and Dubai, which came in at number four.
During the first half of 2022, premium location rental growth outperformed capital value increase.
Dubai emerged as the third best location in the world for executive expatriates in a previous Savills report.
Dubai emerged as the third best location in the world for executive expatriates in a previous Savills report.