Dubai rents among highest in the world
A study showed housing costs in Dubai are the fourth highest in the world, more than double the cost in Vienna. (AFP/File)
Click here to add Brussels as an alert
Disable alert for Brussels,
Click here to add Chicago as an alert
Disable alert for Chicago,
Click here to add Doha as an alert
Disable alert for Doha,
Click here to add Dubai as an alert
Disable alert for Dubai,
Click here to add London as an alert
Disable alert for London,
Click here to add Los Angeles as an alert
Disable alert for Los Angeles,
Click here to add Madrid as an alert
Disable alert for Madrid,
Click here to add Miami as an alert
Disable alert for Miami,
Click here to add Milan as an alert
Disable alert for Milan,
Click here to add New York as an alert
Disable alert for New York,
Click here to add Oslo as an alert
Disable alert for Oslo,
Click here to add Taipei as an alert
Disable alert for Taipei,
Click here to add UBS as an alert
Disable alert for UBS,
Click here to add Vienna as an alert
Disable alert for Vienna
Housing costs in Dubai are some of the highest in the world when compared to other major cities, according to a new survey.
UBS has recently released the 16th edition of its Prices and Earnings study, which looks at prices, salaries and workers’ purchasing power in 71 cities worldwide.
Average rents in Dubai came out 16th most expensive globally, higher than popular destinations like Milan in Italy or Brussels in Belgium.
The cost of renting a three-room apartment in Dubai emerged as the fourth highest, at $3,240 per month (Dh11,899), more than double the cost in Vienna, Austria ($1,120) or Madrid, Spain ($1,340). Monthly rents for a two-room flat in the emirate, pegged at $2,320, came out the sixth costliest in the world.
Accommodation costs in Dubai, however, are not the most expensive in the Middle East region, based on UBS' data.
In fact, if the average rent is considered, it would be cheaper for an expatriate to rent a flat in Dubai than in cities like Hong Kong, London, New York, Chicago or even Doha.
Rents in many areas in Dubai have been on a decline recently, as investor demand for properties, particularly high-end apartments, have dropped.
UBS took into account the costs of different types of accommodations in various cities to estimate the worldwide costs of housing.
Overall, rents in New York City are the most expensive, averaging at $3,890 per month, followed by Hong Kong ($2,590), London ($2,360), Chicago ($2,210) and Luxembourg ($2,130).
Rounding up the top ten most expensive cities for housing are Doha ($2,050), Los Angeles ($1,990), Miami (1,970), Oslo ($1,940) and Taipei ($1,840).
Published since 1971, the UBS study comes out once every three years. Its findings are based on 68,000 data points "reflecting economic events that have shaped the world" since the previous release in 2012.
By Cleofe Maceda
- Will terror attacks damper Arabs' appetite for European holidays?
- So cool it's hot: Saudi Arabia's $3.2B HVACR market driven by construction boom
- US, EU protectionist policies may be a blessing in disguise for GCC suppliers
- Dubai to Doha: How far can you stretch your dirham?
- OPEC's poor history of compliance will make production cut deal a challenge
- Who knew? Dubai skyscrapers among the 'cheapest in the world'
- Dubai ranks first among cities with highest average residential property prices at USD 7000 per sq. m.
- Beirut shops pay 3rd highest rents in Middle East, 37th in world
- Narrowing things down: the cheapest and most expensive places to rent in Dubai
- Derayah’s Report:Real Estates in Saudi cities are among the most attractive in the world