According to a recent survey, Dubai, the city of gold, is prepared to have the world’s top-performing residential sector.
Property values in the city increased by 4.7% in the first half of 2022. As a consequence, in the Savills’ biannual survey of prime residential capital values, Dubai came in fourth place out of 30 major world cities.
Except for Dubai, the top five cities on the list were all American. It followed San Francisco, Los Angeles, and Miami.
According to National News, the city drew a lot of people, and its Golden Visa program also had significant success.
According to the Savills survey, people moved to Dubai in search of a higher standard of living and a growing need for greater space.
The head of Savills’ premium residential division in Dubai, Helen Tatham, said that the city “is expected to perform the strongest for the balance of 2022.”
High-net-worth foreigners and locals alike are wishing to settle down in the city for a long period of time.
The market had massive transaction volumes in June, and prices continued to be over 10% higher on an annual basis, according to research by Property Monitor.
With Dh280 million ($76.24 million), Dubai also broke the record for the most expensive house this year. The National was informed by brokers that the record is expected to be broken by 2022.