Soaring Rental Costs Surged UAE Cities To The Top In Global Cost Of Living List

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Soaring Rental Costs Surged UAE Cities To The Top In Global Cost Of Living List

According to per Mers 2015 Cost of Living Survey, Dubai and Abu Dhabi has been ranked as the 23rd and 33rd most expensive cities to live in. These two cities have witnessed a significant rise compared to 2014 and are the most expensive cities in the Middle East. The situation is not the same with other places such as Jeddah is the least expensive city.

Soaring Rental Costs Surged UAE Cities To The Top In Global Cost Of Living List

 

The ranking for other Middle East cities are as follows:

Noticeable rise in the cost of living ranking is observed amidst all major Middle East cities, with both Manama (91) and Doha (99) moving up 59 places, Amman (54) moving up 49 places, Riyadh (71) moving up 40 places, Kuwait City (117) rising up to 30 places, and Beirut (44), the most expensive Middle Eastern city after Dubai and Abu Dhabi, rising up 19 places. The survey comprises of 207 cities across five continents and evaluates the comparative cost of more than 200 items in each location, including housing, transportation, food, clothing, household goods, and entertainment.

According to Nuno Gomes, information solution leader for ME at Mercer the factors that had contributed to these cities ranking are firstly “Several currencies in the Middle East are pegged to the US dollar, which raised the cities up in the ranking. Global currency fluctuations was a chief factor which has major impact on  changes seen in the gross raking in 2015,”  “Sharp increase for expatriate rental accommodations, especially in Abu Dhabi and Dubai, has also conferred to the rise of the cities in the ranking”

According to Mercer’s 2015 Cost of Living Survey, Asian and European cities – particularly Hong Kong (2), Zurich (3), Singapore (4), and Geneva (5) – top the list of most expensive cities for expatriates.

The rankings of various countries give a conclusion that Dubai among other cities is one of the most investor friendly city. The rising rental cost obliviously has its own benefits, from the investor’s point of view, investing in Dubai Real estate is absolutely an adept decision because when the rental cost remains consistent on its graph this ultimately contributes to the ROI in the long run of an investor making it a win- win situation.

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