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Dubai beats US cities as prime property prices rise by 4.7 percent

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Dubai has recorded strong performance in prime residential capital values and rents across 30 major global cities, a new study reported.

Prime properties in the emirate grew by 4.7 percent over the first six months of the year, compared to an average 2.4 percent across 30 cities.

The data, reported: World Cities, labelled the emirate as the only non-US city to make it to the top five of the list.

Prime property prices are expected to “witness a strong capital growth” for the rest of the year.

The rise in numbers come after the emirate’s inflow of high net-worth individuals and the Golden Visa scheme. The report also stated that the emirate “is predicted to continue to attract high net worth individuals at above pre-pandemic levels.”

Dubai is set to perform the strongest for the remainder of 2022 and factors that work in its favour include the continuously positive changes to policies, the most recent being additional benefits for long-term visa holders, with the opportunity for residents to have a superior quality of life at their fingertips.

The UAE is predicted to receive 4,000 millionaires relocating to the country in 2022, four times the pre-pandemic norm of 1,000 per annum.

There is also a “growing trend” of residents making long-term plans to establish Dubai as their primary home, amid surge in high net-worth expatriates choosing the emirate as a new long- or part-time residential location.

The emirate continues to channel investment into the city’s infrastructure, improving its leisure and tourism offering with the aim of retaining and attracting talent and businesses.

In terms of rental values in Dubai, rents have grown rapidly, benefitting from the wider lifestyle trends seen in other markets, recording 5.3 percent, the data showed.

The emirate also emerged as the third best destination in the world for executive migrants in an earlier study, helped by its expansive visa programme, favourable climate, great connectivity and established prime residential market.

In terms of yields, Dubai, New York and Los Angeles were the highest yielding cities, above 4.5 percent.

Source: Arabian Business