The coronavirus pandemic has been the catalyst for many executives to embrace the digital nomad lifestyle, and it seems there's nowhere more ideal for them than Lisbon, Miami, and Dubai.
According to Bloomberg, a study by real estate broker Savills Plc—which ranked 15 prime residential markets by their popularity with long-term remote workers—shows these are the most suitable destinations for those looking for a semi-permanent home base.
“Lisbon offers the advantages of city living, and the benefits of being in the European Union," Paul Tostevin, director of world research at Savills, told Bloomberg about the top city on the list.
The number of foreign residents in Portugal has increased by 40% in the past 10 years. Many attribute the city's appeal to its pleasant climate, investment incentives, favorable visa regime, relatively low cost of living, tranquility, and natural and historical attractions.
The capital is one of the top choices for location-independent professionals who prefer a metropolitan flair.
In its report, Savills highlights the fast broadband connection as one of the main reasons why many remote workers choose to live in Lisbon.
According to data from Portugal’s National Statistics Institute, cited by Bloomberg, foreigners are willing to pay more than double for a property in Lisbon than local buyers.
Buyers from abroad paid an average of €4,283 per square meter for a property in Lisbon in the three months to December, compared with €1,858 spent by locals.
The increased demand led to an 11.4% rise in property prices in the city during the same period, forcing some local buyers to look for properties outside the capital.
Ricardo Garcia, director of residential real estate at Savills in Lisbon, was quoted by Bloomberg as saying that he expects the trend of foreigners moving to the city to continue, especially as the city solidifies its reputation as a technology and innovation hub.
“Companies are moving their headquarters to Portugal,” Garcia, adding, “The area is becoming more and more international, and I don’t see Lisbon or Portugal slowing down anytime soon.”
Indeed, Lisbon is establishing itself as a tech powerhouse in Europe. Since 2016, it's hosted the Web Summit, known as "Europe's largest business conference," and there are numerous projects in the pipeline to further strengthen the tech ecosystem, including the Lisbon Unicorn Factory.
Portugal's southern Algarve region is also one of the most popular destinations for remote workers and foreign property buyers, thanks largely to its beautiful beaches, climate, and easy access to the rest of Europe.
“People are making their holiday homes more permanent,” James Robinson, director of sales at QP Savills, the broker’s agency in the Algarve, said in comments to Bloomberg.
“Clients are looking for office space, which wasn’t even on the agenda before, and high-speed Internet, which we have here," he explained.
Miami ranks second on the Savills list and is attractive largely because of its remote work policies, tax incentives, and low interest rates. The Florida city is particularly popular with buyers relocating from northeastern U.S. states.
Dubai, while a lesser-known destination for remote workers, ranks third, proving that it's a strong emerging contender in the world of digital nomadism.
