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Dubai topped cities in the Middle East and North Africa and ranked fourth globally in capital growth for luxury homes in the first half of this year, according to the results of the “Luxury Home Index” for the first half of 2022, issued yesterday by Savills.
And the UK property consultancy firm said in a report accompanying the results of the index that average capital growth for luxury homes in the 30 cities in the first half of 2022 was 2.4%.
Capital growth in luxury residential properties in Dubai during the first half of 2022 increased by 4.7%, the highest growth rate regionally and the fourth globally.
According to the report, luxury homes in Dubai are expected to continue their strong performance for the rest of 2022 on the back of strong capital growth expected in the emirate over the same period.
The report expected Dubai’s luxury housing to be the strongest performer in the world during the second half of the year, followed by two Spanish cities, Madrid and Barcelona, followed by Milan, explaining that Dubai continues to invest in its infrastructure and improve its the attractiveness of tourist and entertainment destinations to attract more wealthy people and a talented world to live in permanently. The report added that there are factors that would support this performance, including the continued increase in the flow of ultra-high net worth individuals to Dubai, and the emirate’s success in implementing the golden residency program for specific categories of residents, including investors and talents.
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