Real estate firm Savills Plc named Dubai as particularly appealing to long-term remote workers after it ranked 20 prime residential markets as a viable base in a recent report, according to Bloomberg.

Dubai was followed by new-entry Malaga and Miami while last year’s top country, Lisbon, dropped to fifth place.

The report concluded that Dubai’s fast-growing fintech and financial services sectors are attracting a flurry of senior hybrid workers, many of which have been impacted by the 200,000-plus tech industry job cuts seen this past year.

“Many have been impacted by layoffs across global tech firms,” said Swapnil Pillai, a Middle East researcher at Savills, was quoted as saying by Bloomberg on Wednesday. “They are exploring the city as a base to support these thriving sectors.”

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The shift to hybrid work following the pandemic prompted many executives to set up their offices in far-flung corners of the world, often in warm coastal cities with easily accessible airports, stated Bloomberg.

Workers are still only going to the office an average of 1.75 days a week, according to a separate study of 22 countries by consultancy AWA, which found 37% of employers are planning to reduce their office space as a result.

Meanwhile, as rental prices rise in digital nomad hotspots, the affordability of prime rental properties has become a crucial factor when deciding where to move next. Lisbon, which topped last year’s rankings, has dropped to number five as rents soared in the city.

Lisbon also ended its decade-long popular Golden Visa Program earlier this year, for new foreign property buyers, following a surge in property prices.

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Malaga, a new entry into the rankings that also welcomed Google’s new cybersecurity centre this year, came in second only to Dubai.

Following close after Malaga was Miami, which sits third in the index.

A mixture of low tax, easing rental prices, and popular beaches makes the Florida city a destination for buyers relocating from financial centers such as New York and Chicago. Still, insatiable demand means those moving to Miami with their families face tight competition for high-quality education for their children, added the report.

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“This affluent demographic has driven demand for luxury property to its highest levels and made the search for private schools a very challenging one,” said Cyril Bijaoui, a Corcoran Group real estate agent based in Miami Beach.