world
Thursday Aug 11 2022
By
Web Desk

Dubai to become 'best-performing residential sector in world'

By
Web Desk
A house with a pool outside. Photo: Unsplash
A house with a pool outside. Photo: Unsplash

A new report revealed that the city of gold Dubai is ready to have the best-performing residential sector on the planet.

In the first half of 2022, prices of properties in the city raised by 4.7%. As a result, among 30 major global cities, Dubai ranked fourth in the Savills' bi-annual study of prime residential capital values.

The top five cities on the list were all from the US except Dubai. It came behind Miami, Los Angeles and San Francisco.

The city attracted many wealthy people and its Golden Visa scheme too witnessed great success, reported National News.

The Savills report added that people came to Dubai for a better quality of life and their increased desire for more space.

Helen Tatham, Savills' head of prime residential Dubai said that the city was "set to perform the strongest for the remainder of 2022."

More and more people, both high-net-worth expatriates and the existing residents, want to make the city their home for a long term.

According to a report by Property Monitor, the market had immense transaction volumes in June and the prices remained over 10% higher on an annual basis.

This year, Dubai also set the record for the most expensive home at Dh280 million ($76.24m). Brokers told The National that the record is expected to be broken by the end of 2022.