Savills' World Cities Prime Residential Index evaluates over 30 major housing markets, including New York, London, Paris, and Moscow, by the popularity of elite properties with buyers and tenants.
The index indicates that Dubai has gained popularity from wealthy buyers for competitive prices, high indicators of quality of life, and high epidemiological security during COVID-19.
In total, for all cities in the index, the capital value of premium properties grew on average by 3.2% in 2021, even despite rising credit interest rates, disruptions in global supply chains, and inflation.
Miami and Los Angeles became the leading capital-value countries, with annual growth rates of 21% and 20%, respectively.
Dubai showed an increase of 17%, particularly in the second half of 2021. The growth rate was the highest since the Great Recession.
In the second half of 2021, there was a three-month hype before Expo 2020, and in October 2021, the event began.
The demand for the premium property quickly exceeded the market's ability to satisfy it and led to a sharp rise in prices. The demand keeps growing as more and more buyers enter the market.
Not only the exhibition is important but also the high level of security in the country during the pandemic.
The number of vaccine doses sold has exceeded 23 million, and 95.1% of the population was vaccinated with two doses of the drug against COVID-19. The booster dose program is being developed in the country.
Dubai is also a leader in the growth of global rental rates for luxury real estate in 2021. The annual rate growth in this segment is 25%.
