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 global real estate adviser Savills' bi-annual 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, the Savills added.
“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,” said Helen Tatham, Savills' head of prime residential Dubai.
“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.
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The market had the second-strongest June on record in terms of transaction volumes, which hit 8,865, according to a report by Property Monitor, with prices remaining more than 10 per cent higher on an annual basis.
This year has had a record set for the most expensive home in the city at Dh280 million ($76.24m). And brokers told The National that they expect the record to be broken again before the end of the year.
Many global cities are experiencing the impact of geopolitical uncertainty, increasing inflation and rising interest rates, although this has yet to materially impact pricing in the prime markets, Savills said.
Meanwhile, Savills reported that prime residential rental growth outpaced capital value growth in the first half of 2022, increasing by an average of 3.1 per cent compared to a 2.4 per cent rise in capital values.
“Stock shortages and pent-up demand following migration to cities with the reopening of international borders at the end of 2021 continued to fuel growth,” Savills said in its report.
“A revival of corporate travel, purchasers ‘trying before they buy’ and a prioritisation of the home thanks to more remote working, are all factors driving the growth in the prime rental markets of the world’s leading cities.”
Dubai ranked seventh among the cities included in the study, with a 5.3 per cent rise in prime rents in the first half. New York and Singapore were top with an 8.5 per cent rise, followed by London with 7.7 per cent.
The specs
Price, base / as tested Dh12 million
Engine 8.0-litre quad-turbo, W16
Gearbox seven-speed dual clutch auto
Power 1479 @ 6,700rpm
Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The Bio
Favourite Emirati dish: I have so many because it has a lot of herbs and vegetables. Harees (oats with chicken) is one of them
Favourite place to go to: Dubai Mall because it has lots of sports shops.
Her motivation: My performance because I know that whatever I do, if I put the effort in, I’ll get results
During her free time: I like to drink coffee - a latte no sugar and no flavours. I do not like cold drinks
Pet peeve: That with every meal they give you a fries and Pepsi. That is so unhealthy
Advice to anyone who wants to be an ironman: Go for the goal. If you are consistent, you will get there. With the first one, it might not be what they want but they should start and just do it
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
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Men’s singles
Group A: Son Wan-ho (Kor), Lee Chong Wei (Mas), Ng Long Angus (HK), Chen Long (Chn)
Group B: Kidambi Srikanth (Ind), Shi Yugi (Chn), Chou Tien Chen (Tpe), Viktor Axelsen (Den)
Women’s Singles
Group A: Akane Yamaguchi (Jpn), Pusarla Sindhu (Ind), Sayaka Sato (Jpn), He Bingjiao (Chn)
Group B: Tai Tzu Ying (Tpe), Sung Hi-hyun (Kor), Ratchanok Intanon (Tha), Chen Yufei (Chn)
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
UAE currency: the story behind the money in your pockets
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Turkish Ladies
Various artists, Sony Music Turkey
England v South Africa Test series:
First Test: at Lord's, England won by 211 runs
Second Test: at Trent Bridge, South Africa won by 340 runs
Third Test: at The Oval, July 27-31
Fourth Test: at Old Trafford, August 4-8
UAE currency: the story behind the money in your pockets
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
'Jurassic%20World%20Dominion'
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Killing of Qassem Suleimani