Real estate consultancy Savills has presented its global Executive Nomads index, which ranks the top 20 destinations for remote workers, and a Spanish city has made it onto the 2023 podium. It is none other than Malaga, which has achieved second place just below Dubai, thanks to its climate, the city's high-quality lifestyle and the luxury housing.
Moreover, the city's culture, food and rent costs, and Spain's approval of the digital nomad visa a year ago have made it easier for remote-working executives to come to the city. Similarly, companies such as Google have also expanded the business fabric in the city. For José Félix Pérez-Peña, managing director of Savills Andalucía, this means that companies "understand that Malaga is a must-visit destination and the city's reputation is spreading globally".
The worker profile analysed here is either on a digital nomad visa programme or equivalent or belongs to the United States and European countries that belong to a large economic bloc with free movement of people.
Pérez-Peña pointed out that what is happening in Malaga is no coincidence, as "the collaboration between the City Council, the interested parties and Savills is paying off".
Dubai's ranking first place is due to the growth of the fintech and financial services sector, tax-free rates and a high-quality lifestyle for executives. Its good physical and digital connectivity, with a good international airport and investment in technology infrastructure, give it a high score.
Lisbon slips to fifth place
Behind Malaga are Miami, Abu Dhabi and Lisbon. The latter topped the list a year ago and, despite slipping a few places, remains an interesting choice for remote workers due to its quality of life, culture, connectivity and pleasant climate. However, there has been a rapid rise in prime residential rents, which have increased by 13.9% this half of the year.
Connectivity is key to being at the top of the list. This is also met by more established leisure destinations such as Barbados (6th) and the Algarve, also in Portugal (9th). Many executive nomads have, therefore, made what was their second home into year-round residences, which has extended the seasonality of prime real estate markets.