Since the pandemic, a growing number of executives have embraced the digital nomad lifestyle, with the United Arab Emirates (UAE) emerging as a top destination.
A new research from real estate firm Savills highlights this trend, ranking 25 prime residential markets based on their attractiveness to long-term remote workers. Dubai and Abu Dhabi have become hotspots for executive hybrid employees in the finance and consultancy fields, drawn by the cities’ excellent air connectivity, modern infrastructure, and high living standards.
Dubai and Abu Dhabi, the major cities in the Middle East, secure the top two spots due to their outstanding digital and physical connectivity.
Coastal cities dominate the top 10 rankings, with Málaga in third place, followed by Miami at fourth, Lisbon at fifth, Barcelona at sixth, and Palma at seventh.
What is an executive nomad?
Unlike the typical digital nomad—often depicted as a young backpacker with a laptop—executive nomads are generally older, frequently traveling with family, and placing greater importance on both physical and digital connectivity. For these individuals, factors such as safety, access to healthcare, and educational facilities are just as crucial as internet connectivity, which is a common trait among the top international locations in our index.
Executive nomads tend to prefer renting accommodations with ample space and proximity to local amenities. Over the past year, prime rental prices have increased by an average of 5 percent across the 25 locations tracked in our index, with some urban markets experiencing rises of over 15 percent.
A key component in attracting these professionals is the availability of digital nomad visa programs. Since Estonia introduced the first such visa in 2020, the number of destinations offering these options has grown as competition for international talent intensifies. Most recently, South Africa launched its own visa in May 2024, bringing Cape Town into our index.
Shifts in rankings
As rental costs rise in popular digital nomad destinations, the affordability of prime rental properties has become increasingly important in relocation decisions. Lisbon, which ranked first in 2022, fell to fifth place this year as rents surged by 31 percent year-over-year, according to Savills data.
Malaga, a newcomer to the rankings following Google’s arrival, secured third place, just behind Dubai and Abu Dhabi. Additionally, Palermo, a fresh addition to the 2024 list, stands out as Italy’s most affordable major prime rental market, with rents up to 70 percent lower than those in Florence, the report indicates.
The shift to hybrid work has led many executives to seek new bases in warm coastal cities with accessible airports. While some European companies are urging employees back to the office, a CBRE Group Inc. survey reveals that about a third of firms still report office utilization rates below 40 percent.
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