Miami ranks first and Dubai fourth in the world in the growth of the value of residential real estate globally
Savills, the world’s leading real estate advisory firm, has published that real estate markets in the world’s residential cities maintain resistance in the first half of 2022.
This was achieved through his semi-annual study of the capital values and rents of luxury residential properties in 30 major global cities.
Dubai’s rank in the growth of the value of residential real estate globally
- Dubai has performed exceptionally well in both assessments for the period ending in June, as shown by the Savills Global Cities Luxury Housing Index.
- As for capital, American cities ranked first, while Dubai was the only non-American city that succeeded in entering the list of the top five cities in terms of real estate value growth, as it ranked fourth.
- Luxury property prices in the UAE increased by 4.7% in the first half of the year, and strong capital growth is expected to continue until the end of 2022. Capital values in the 30 listed cities saw an average growth of 2.4%.
- Thanks to the success of the Golden Residency Program and the continued influx of these individuals, it is expected that the UAE and Dubai will continue to attract more high net worth individuals than it was before the “Covid-19” crisis.
The reason why Dubai is distinguished in the field of real estate from other countries
Dubai stands out from other leading global cities in the index, such as Miami, Lisbon and Cape Town, thanks to the growing trend towards warmer weather and wider areas, as well as the quality of life it offers.
Miami ranked first in terms of capital growth in the first half of 2022 Residential property value growth globally, with 12.5% semi-annual growth thanks to lower taxes and a higher quality of life.
In terms of rentals, rents for residential properties in Dubai experienced a rapid growth of 5.3% driven by lifestyle trends in other markets. The emirate also ranked third in the best destination for officials in the world.
According to a previous study by Savills, managers work remotely thanks to the variety of residency programs, the conducive business environment they provide, the ease of transportation and the stability of the luxury real estate market at home.
Along with New York and Los Angeles, Dubai topped the list of cities in terms of residential property revenue, up 4.5% since June 2021. The six-month average total return remained at 3%.
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