Dubai is the number one global destination for nomadic executives
Dubai has overtaken Lisbon as a destination of choice for executives who have turned into digital nomads since the pandemic, according to a recent report by real estate brokerage Savills Plc, reported by Bloomberg.
This became evident after Savills conducted a research that included 20 major residential markets to classify them according to the most attractive to long-term remote workers.
Dubai's fast-growing financial technology and financial services sectors are attracting a wave of hybrid senior employees, many of whom have been affected by more than 200,000 technology-related layoffs this year.
The report said that this group of employees is now exploring Dubai as a base for them, as the emirate supports these thriving sectors.
Shifting to hybrid work, a trend that emerged with the outbreak of the pandemic, has prompted many CEOs to find a new base elsewhere in the world, often choosing warm coastal cities with easy-to-reach airports.
Employees still go to the office an average of 1.75 days a week, according to a separate 22-country study by consulting firm AWA, which found that 37% of employers plan to reduce their office space as a result.
At the same time, with rental prices rising in the hottest places for digital nomads, the affordability of renting a luxury property becomes an important factor when deciding where to move next.
This made Lisbon, which topped last year's rankings, drop to fifth place, as rents rose. Malaga came second, after Dubai, followed by Miami.