New report finds that the cost of living in Dubai has decreased
With all the supercars, five-star hotels and chat of Dubai being a "millionaire's playground", you'd think that Dubai would be up there with the most expensive cities in the world. But apparently the cost of living in Dubai has decreased over the past six-months, according to a new report.
So much so, the report released by Numbeo (the world’s largest database of user-confirmed data on cities), has ranked the city as being the 206th most expensive city in the world. Yeah... we can't quite believe it either.
The ranking see’s the city drop 16 places in the last six months, when it was at 190.
Dubai isn’t the only city in the UAE to experience a drop in its living costs. Abu Dhabi and Sharjah have both experienced a significant drop in ranking. The nation’s capital fell 26 spots to 278 while Sharjah slipped 29 points to become the 302nd most expensive city in the world.
Aside from a decrease in the cost of living, the report found that Dubai is the 11th costliest city in Asia and the most expensive city in the Middle East.
While some may argue that the cost of living in Dubai regardless of its current world ranking is still expensive, it is worth noting that the living of cost in cities like London, New York and Hong Kong is far more expensive. They rank 44th, 19th and 136th respectively.
In fact, when compared, almost all aspects of living in New York such as rent, utilities and dining are close to double the price of that in Dubai. Click here to view a detailed comparison.
Zurich, Switzerland was named the world’s most expensive city. Hamilton, Bermuda came in second while Zug, Switzerland rounded up the top three.
The news of Dubai being the 206th most expensive city in the world comes weeks after property management company Asteco, announced that rent has fallen by eight percent in the past 12 months.
According to their findings, tenants are becoming more conscious of the market and using their findings to either relocate or negotiate a better deal with their landlord.
Higher-end properties are those that have supposedly been hit the hardest.
On average rents have dropped by ten percent in Downtown Dubai, with studios ranging from AED65,000 to AED85,000, one-bedrooms range from AED80,000 to AED130,000. While the average two bedroom is priced between AED110,000 and AED180,000.
Rents in Dubai Marina have fallen slightly more, with an 11 percent decline over the past year. You can now get a studio for as little as AED45,000, a one-bedroom from AED65,000 to AED100,000 and a two-bedroom for AED85,000 to AED160,000.
The Palm Jumeirah has seen the greatest decline across the board, with a 14 percent drop in the last year. You can now bag a studio from AED70,000 to AED90,000, a one-bedroom for AED80,000 to AED160,000, and a two-bedroom from AED130,000 to AED200,000.