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Arabian Business
14-04-2025
- Business
- Arabian Business
Dubai and Abu Dhabi named world's best cities for HNWI relocations thanks to tax rules and quality of life
Dubai and Abu Dhabi are the best cities in the world for high-net-worth individuals to relocate to, according to Savills research. The trifecta of a fluid geopolitical and economic environment; changing government policies, taxes and incentives; and quality-of-life factors, is increasingly influencing where high net worth individuals (HNWIs) and footloose companies choose to locate, said Savills. The real estate consultancy launched the Savills Dynamic Wealth Indices to identify the cities that are performing well at attracting and developing wealth and investment from individuals and businesses. Dubai and Abu Dhabi attract HNWI and businesses Savills said that personal tax incentives, existing high concentrations of HNWIs, and a good quality of life put the cities of Dubai and Abu Dhabi of the UAE in the top two positions, followed by Singapore, Zurich and Auckland to make up the top five preferred locations for individuals looking to relocate. Meanwhile, Singapore, Seoul, New York, London and Abu Dhabi take the top five places for corporate relocations based on their corporate tax and business environments, volumes of foreign direct investment, and economies and knowledge bases. This means that Abu Dhabi has ranked in the top five for both, individuals and corporates looking to relocate, highlighting its range of benefits. Rachael Kennerley, Director of Research at Savills Middle East said: 'Abu Dhabi's sovereign wealth has notably attracted connected family offices and global corporates. In turn, this has stimulated office demand, with new businesses requiring space, and the luxury residential market. Arguably, the push of fiscal policies of other countries has heightened the UAE's pull.' The UAE is a particularly attractive option for HNWIs who bring their companies with them. It has a dynamic economy that is diversifying away from oil and attracting growing sums of corporate and sovereign wealth investment. This has in turn boosted real estate transaction volumes and values. Prime residential capital values in Dubai rose by 6.8 per cent in 2024, with prime office values growing by 7 per cent in Q4 alone. In 2024, the residential sector recorded unprecedented transaction volumes, with a 47 per cent year on-year increase. Of this, over 4,600 units priced above AED10m ($2.72m) were transacted during the year, marking a 23 per cent year on-year increase. Paul Tostevin, Director of Savills World Research, said: 'Against an increasingly changeable geopolitical and economic backdrop, global wealth flows are evolving, as HNWIs and businesses adapt their decisions on where to locate. 'Traditional predictors of global wealth flows, such as government policies, taxes and incentives, and the presence of either innovative talent pools or existing communities of similar individuals, have always been key drivers of dynamic footloose companies and individuals, and will continue to play a major role, but a sense of place, and a high quality of living, are progressively the deciding factor when making location decisions.' Savills says that six of the top 12 locations feature in both the corporate and individual Dynamic Wealth Indices – highlighting how business and personal priorities can often overlap as businesses want to locate in destinations that can provide the necessary talent to sustain them, following skilled workers who tend to prioritise a better quality of life. While lifestyle factors appeal chiefly to the individual, the knock-on effects of creating talent clusters, or HNWIs bringing their businesses with them when they relocate, make them a magnet for corporate wealth, too.
Hi Dubai
18-02-2025
- Business
- Hi Dubai
Dubai Set to Lead Global Prime Residential Growth in 2025
Prime residential capital values in Dubai increased by 6.8% in 2024, reinforcing its position as a premier investment hub. The city also saw a record-breaking 23.5% rental growth in 2024, highlighting strong demand for luxury living. Dubai's prime residential capital values are forecast to grow by up to 9.9% in 2025, the highest among 30 global cities tracked by Savills. Following a robust performance in 2024, Dubai's prime residential capital values and rents are forecast to continue their upward trajectory in 2025, according to the latest research by Savills. Savills Prime Residential World Cities Index reveals that Dubai prime residential capital values increased by 6.8% in 2024, further cementing the emirate's status as a global investment hub. The city also witnessed a record-breaking 23.5% rental growth in 2024, driven by sustained demand for luxury living. A growing population and an influx of high net-worth individuals and family offices into the UAE are fuelling strong demand for prime residential properties. While new supply is being introduced, Dubai's evolving luxury segment is redefining the market's understanding of 'prime', with several ultra-luxury projects launched in recent years. Looking ahead, Dubai is expected to lead global prime residential price growth in 2025, with capital values forecast to grow by +8% to 9.9%, the highest among 30 global cities in Savills index. The city is also projected to lead the index for rental growth, with a projected increase of more than 10%. Globally, capital values in prime markets are expected to remain positive 2025, with Savills forecasting an average price growth of 1.6% across the 30 cities tracked. This marks a slight decline from the 2.2% growth recorded in 2024, reflecting a more measured outlook for global property markets. Despite the economic turbulence of recent years, prime residential markets have proved remarkably resilient, said Kelcie Sellers, associate director, Savills World Research. With 2024 dubbed the 'year of elections', 2025 looks to be a year in which these new governments start to make changes, from taxes to legislation to international affairs. Each change has the potential to affect prime residential property markets. Andrew Cummings, Head of Residential Agency at Savills Middle East, commented: Dubai's prime residential sector continues to thrive, with demand outpacing supply in some of the city's most sought-after communities. The strong rental market performance, coupled with capital appreciation, makes Dubai an increasingly attractive destination for global investors. We expect 2025 to bring further momentum, with high-value transactions and new ultra-luxury developments reshaping the city's real estate landscape. Despite broader global economic fluctuations, Dubai's prime residential market remains resilient and highly attractive investors and residents alike. Many international buyers opt to rent before purchasing, contributing to the spike in rental values in 2024 and reinforcing the city's appeal as a luxury living destination. Investors and end-users continue to be drawn to Dubai's dynamic property market, underpinned by expanding business and job opportunities, major infrastructure developments, and government-led initiatives that enhance Dubai's appeal as a long-term investment destination. Cummings concluded, As we progress into 2025, Dubai's property market is expected to maintain its upward trajectory, outpacing global markets such as London, Hong Kong, and New York. With sustained demand for branded residences, waterfront developments, and sustainable luxury homes, the city is poised to strengthen its position as a world-class hub for prime residential investment. Savills World Cities Prime Residential Index: 2025 prime capital value growth forecast vs capital growth value in 2024 City 2025 Forecast Capital value growth in 2024 Prime capital value Dec 2024 (US$ psf) Prime capital value Dec 2024 (€ psm) Dubai +8% to 9.9% 6.8% $930 €9,200 Sydney +4% to 5.9% 3.9% $1,950 €19,200 Madrid +4% to 5.9% 9.4% $1,120 €11,000 Lisbon +4% to 5.9% 6.0% $1,400 €13,800 Barcelona +4% to 5.9% 8.6% $870 €8,600 Cape Town +4% to 5.9% 5.1% $260 €2,500 Tokyo +2% to 3.9% 8.6% $2,120 €20,900 Mumbai +2% to 3.9% 4.4% $1,200 €11,800 Kuala Lumpur +2% to 3.9% 0.4% $240 €2,400 Shanghai +2% to 3.9% -2.4% $2,000 €19,700 Amsterdam +2% to 3.9% 7.4% $1,030 €10,200 Rome +2% to 3.9% 3.2% $1,450 €14,300 Miami +2% to 3.9% -1.2% $1,490 €14,600 New York >0% to 1.9% -0.9% $2,590 €25,500 Paris >0% to 1.9% 2.1% $1,880 €18,600 Seoul >0% to 1.9% 6.9% $1,860 €18,300 Beijing >0% to 1.9% -2.1% $1,490 €14,700 Hangzhou >0% to 1.9% -1.4% $1,210 €11,900 Athens >0% to 1.9% 4.4% $1,180 €11,600 Los Angeles >0% to 1.9% -3.5% $1,480 €14,600 Bangkok >0% to 1.9% 5.1% $1,090 €10,800 Berlin 0.0% 0.5% $1,150 €11,400 Geneva 0.0% 1.6% $2,550 €25,200 Milan 0.0% 0.0% $1,520 €15,000 Singapore -1.9% to <0% 1.1% $1,810 €17,900 Shenzhen -1.9% to <0% -4.2% $1,470 €14,500 San Francisco -1.9% to <0% 0.8% $1,410 €13,900 London -3.9% to -2% 0.0% $1,920 €18,900 Hong Kong -3.9% to -2% -2.4% $3,860 €38,000 Guangzhou -3.9% to -2% -4.0% $1,480 €14,600 For further insights, download the full World Cities Prime Residential 2025 report here.
Zawya
18-02-2025
- Business
- Zawya
Dubai set to lead global prime residential growth in 2025, Says Savills
Prime residential capital values in Dubai increased by 6.8% in 2024, reinforcing its position as a premier investment hub. The city also saw a record-breaking 23.5% rental growth in 2024, highlighting strong demand for luxury living. Dubai's prime residential capital values are forecast to grow by up to 9.9% in 2025, the highest among 30 global cities tracked by Savills. Following a robust performance in 2024, Dubai's prime residential capital values and rents are forecast to continue their upward trajectory in 2025, according to the latest research by Savills. Savills Prime Residential World Cities Index reveals that Dubai prime residential capital values increased by 6.8% in 2024, further cementing the emirate's status as a global investment hub. The city also witnessed a record-breaking 23.5% rental growth in 2024, driven by sustained demand for luxury living. A growing population and an influx of high net-worth individuals and family offices into the UAE are fuelling strong demand for prime residential properties. While new supply is being introduced, Dubai's evolving luxury segment is redefining the market's understanding of 'prime', with several ultra-luxury projects launched in recent years. Looking ahead, Dubai is expected to lead global prime residential price growth in 2025, with capital values forecast to grow by +8% to 9.9%, the highest among 30 global cities in Savills index. The city is also projected to lead the index for rental growth, with a projected increase of more than 10%. Globally, capital values in prime markets are expected to remain positive 2025, with Savills forecasting an average price growth of 1.6% across the 30 cities tracked. This marks a slight decline from the 2.2% growth recorded in 2024, reflecting a more measured outlook for global property markets. 'Despite the economic turbulence of recent years, prime residential markets have proved remarkably resilient,' said Kelcie Sellers, associate director, Savills World Research. 'With 2024 dubbed the 'year of elections', 2025 looks to be a year in which these new governments start to make changes, from taxes to legislation to international affairs. Each change has the potential to affect prime residential property markets.' Andrew Cummings, Head of Residential Agency at Savills Middle East, commented: 'Dubai's prime residential sector continues to thrive, with demand outpacing supply in some of the city's most sought-after communities. The strong rental market performance, coupled with capital appreciation, makes Dubai an increasingly attractive destination for global investors. We expect 2025 to bring further momentum, with high-value transactions and new ultra-luxury developments reshaping the city's real estate landscape.' Despite broader global economic fluctuations, Dubai's prime residential market remains resilient and highly attractive investors and residents alike. Many international buyers opt to rent before purchasing, contributing to the spike in rental values in 2024 and reinforcing the city's appeal as a luxury living destination. Investors and end-users continue to be drawn to Dubai's dynamic property market, underpinned by expanding business and job opportunities, major infrastructure developments, and government-led initiatives that enhance Dubai's appeal as a long-term investment destination. Cummings concluded, 'As we progress into 2025, Dubai's property market is expected to maintain its upward trajectory, outpacing global markets such as London, Hong Kong, and New York. With sustained demand for branded residences, waterfront developments, and sustainable luxury homes, the city is poised to strengthen its position as a world-class hub for prime residential investment.' Savills World Cities Prime Residential Index: 2025 prime capital value growth forecast vs capital growth value in 2024 City 2025 Forecast Capital value growth in 2024 Prime capital value Dec 2024 (US$ psf) Prime capital value Dec 2024 (€ psm) Dubai +8% to 9.9% 6.8% $930 €9,200 Sydney +4% to 5.9% 3.9% $1,950 €19,200 Madrid +4% to 5.9% 9.4% $1,120 €11,000 Lisbon +4% to 5.9% 6.0% $1,400 €13,800 Barcelona +4% to 5.9% 8.6% $870 €8,600 Cape Town +4% to 5.9% 5.1% $260 €2,500 Tokyo +2% to 3.9% 8.6% $2,120 €20,900 Mumbai +2% to 3.9% 4.4% $1,200 €11,800 Kuala Lumpur +2% to 3.9% 0.4% $240 €2,400 Shanghai +2% to 3.9% -2.4% $2,000 €19,700 Amsterdam +2% to 3.9% 7.4% $1,030 €10,200 Rome +2% to 3.9% 3.2% $1,450 €14,300 Miami +2% to 3.9% -1.2% $1,490 €14,600 New York >0% to 1.9% -0.9% $2,590 €25,500 Paris >0% to 1.9% 2.1% $1,880 €18,600 Seoul >0% to 1.9% 6.9% $1,860 €18,300 Beijing >0% to 1.9% -2.1% $1,490 €14,700 Hangzhou >0% to 1.9% -1.4% $1,210 €11,900 Athens >0% to 1.9% 4.4% $1,180 €11,600 Los Angeles >0% to 1.9% -3.5% $1,480 €14,600 Bangkok >0% to 1.9% 5.1% $1,090 €10,800 Berlin 0.0% 0.5% $1,150 €11,400 Geneva 0.0% 1.6% $2,550 €25,200 Milan 0.0% 0.0% $1,520 €15,000 Singapore -1.9% to <0% 1.1% $1,810 €17,900 Shenzhen -1.9% to <0% -4.2% $1,470 €14,500 San Francisco -1.9% to <0% 0.8% $1,410 €13,900 London -3.9% to -2% 0.0% $1,920 €18,900 Hong Kong -3.9% to -2% -2.4% $3,860 €38,000 Guangzhou -3.9% to -2% -4.0% $1,480 €14,600 For further insights, download the full World Cities Prime Residential 2025 report here. -Ends- About Savills Middle East: Savills plc is a global real estate services provider listed on the London Stock Exchange. With a presence in the Middle East for over 40 years, Savills offers an extensive range of specialist advisory, management and transactional services across the United Arab Emirates, Oman, Bahrain, Egypt, and Saudi Arabia. Expertise includes property management, residential and commercial agency services, property and business assets valuation, and investment and development advisory. Originally founded in the UK in 1855, Savills has an international network of over 700 offices and associates employing over 40,000 people across the Americas, UK, Europe, Asia Pacific, Africa, and the Middle East. For further information, please contact: Savills press office:
