Dubai has emerged stronger from the pandemic: Julius Baer

Dubai has emerged stronger from the pandemic: Julius Baer

Dubai is one of the few cities globally to emerge stronger from the pandemic, as more people come to the emirate to leave behind uncertainty related to COVID-19 in Asia and geopolitics in Europe.

Swiss bank Julius Baer highlighted the movement of people into the city, as well as businesses, including private equity, hedge funds and family offices, as evidence of its increased strength.

The bank also pointed out the “upbeat” hospitality industry in the city, in which hotel prices rose a staggering 195 percent year-on-year, helping bring up the average hotel price increase across Europe, the Middle East and Africa (EMEA) to 50 percent.

Mark Matthews, head of research, Asia, for the Swiss bank Julius Baer, said despite price rises, the city is still “relatively affordable” compared to others globally that are popular with high-net-worth individuals (HNWIs), as prices in the emirate are simply not rising as fast as elsewhere.

At a press conference to launch the bank’s Global wealth and lifestyle report, 2022, Matthews said Dubai is now ranked 14 out of 24 cities globally for the highest cost of living for HWNIs, down two places from last year.

Shanghai is ranked number one as the most expensive, while London is second on