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Leases keep nomads away from Lisbon. Dubai is now the destination of choice.

Access to housing is key for remote workers. And the high values of rents in Lisbon are weighing on the decision.

Dubai has become the best destination for digital nomads, according to an annual study by real estate consultancy Savills. The city in the United Arab Emirates managed to overtake Lisbon, leader of the ranking last year, which, however, has fallen to 5th position. Access to housing in the Portuguese capital may be pushing away remote workers.

The Savills study evaluated 20 residential markets, taking into account the five categories most relevant to remote workers: internet speed, quality of life, air connections and prime rents.

According to Bloomberg, as rental prices rise in the 'hotspots' of digital nomads, access to housing in prime properties has become a crucial factor when deciding where to move next. And Lisbon, which was top of the table, dropped to 5th place as rents soared in the city.

“As we know, the real estate market in Lisbon is at a stage where demand exceeds supply. In the case of the rental market, this situation is even more visible, and may have a negative impact on the demand for mid-range rentals. Even so, the city of Lisbon remains one of the most appealing and attractive cities in the world to receive digital nomads", Miguel Lacerda, Lisbon Residential Director da Savills Portugal,

Dubai is now the destination of choice for nomads, followed by Malaga, Miami and Abu Dhabi. The Algarve appears in 9th place in the table (in 2022 it was in 4th position), ahead of the Cayman Islands, the Côte d’Azur or the Bahamas, but behind Barcelona or Palma de Mallorca.

“Dubai’s fast-growing fintech and financial services sectors, along with tax-free living and high quality of life, are very attractive factors for digital nomads,”

Swapnil Pillai, Associate Director da Savills Middle East Research.

According to the publication, these sectors are attracting many senior hybrid workers, some of whom have been impacted by the job cuts registered in recent times in this industry on a global scale. "Many have been impacted by layoffs at global technology companies," he added.

Read the full report here!

Source: Idealista


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