Dubai is set to have the best-performing prime residential sector in the world, according to a new report.
The city was ranked fourth in a study of prime residential capital values across 30 major global cities.
This comes after its prime property prices grew by 4.7 per cent in the first half of 2022.
Dubai was the only non-US city to make it into the top five, coming behind Miami, Los Angeles and San Francisco.
The city was boosted by an inflow of high-net-worth individuals and the success of its Golden Visa scheme, and is predicted to continue to attract wealthy people “at above pre-pandemic levels”, the report said.
It also benefited from a renewed appreciation for warmer climates, higher quality of life and an increased desire for more space.
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.
In addition to a surge in high-net-worth expatriates choosing Dubai as a new long or part-time residential location, there is a growing trend of existing residents taking a long-term view on making Dubai their primary home.
Dubai property prices have been rising across all sectors during the past year as the economy recovered from the coronavirus-induced slowdown.