Dubai has been named the best city for business innovation and luxury real estate investment

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As reported by New World Wealth, Dubai’s population of high-net-worth individuals (HNWIs) rose to 54,000 in June 21, up to 3.8% from 52,000 last December. Also, back in 2019, the emirate was named one of the top cities for HNWIs, while the UAE stays among the top 10 destinations for the world’s richest people. As well as that, Dubai is the wealthiest city in the MEASA region and the 29th wealthiest city in the world, as it is home to 12 billionaires and 165 multi-millionaires. The study of NWW also found that the collective private wealth held by all residents in the emirate with a minimum of AED 3.6M (USD 1M) in equities, cash, property and business interests rose up to USD 530B in June 2021 (AED 1.9T) from USD 517B (USD 1.9T) in December 2020.

It is expected that Dubai will keep drawing even more individuals on account of its golden visa options, residence-by-investment programmes and outstanding crisis management. In fact, Dubai Land Department slashed a minimum property value for an investor visa in September 2021, from AED 1M (USD 272K) to AED 750K (USD 205K) in order to attract more residents and new foreign investors. This visa is valid for three years with options for renewal and includes a provision for spouse sponsorship.

In the next 2-3 years, it is predicted that the job market of Dubai will witness a surge of young population growth, reviving a demand for studios and 1-bedroom apartments amid record-breaking sales of ultra-luxury properties. Moreover, according to JLL, a real estate consultancy firm, the Dubai property market will become between 5%-8% more affordable  in 2021 and 2022, as the city works to clear an oversupply. The emirate recorded a 301% year-on-year jump in off-plan property transactions in Q3 2021 with a total value of AED 3.3B (USD 898M) for the 1,716 units sold.

Also, Dubai has been rated the top city for business innovation in the Arab world and the second most innovative city in the Middle East region by B2B financial service platform Finom.de. In terms of a global rating, the emirate took 94th place, ahead of Geneva, Budapest, Padua, Cape Town, Turin and Quebec City. In particular, Dubai achieved the best grades in venture capital funding and universities research, technology ecosystem and development sub-indices. Meanwhile, the top three cities for business innovation worldwide are San Francisco, Beijing and New York.

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