| 08 Sep 2010 |
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Dubai living now more affordable
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DUBAI -- Dubai now ranks as a more affordable city in the world for expatriates due to a sharp decline in cost of living in the emirate, thanks to falling property rents, according to a global research report.
Due to sharp decline in rents, Dubai has fallen down in the rankings to 31 from 12 last year, according to a EuroCost International study. EuroCost International specialises in cost of living services for expats in over 250 locations worldwide. It publishes a yearly worldwide ranking based on a specific type of housing.
The report said the housing crisis has affected various locations worldwide in different ways. In many countries, rents have decreased in 2009, which has been quite an exception for the last few years. Some markets have, however, better resisted the crisis and in some countries, expat rent prices have remained stable or have even increased
"This is why cities like Beijing, Shanghai or Dubai are no longer in the top 20. In Dubai, spectacular decreases have been registered for expat rents in 2009," the research report said. On the other hand cities like Beirut, Sydney or Rio have risen up the ranking and are now among the 20 most expensive places in the world.
Even if prices have fluctuated differently in the nine top cities, the rankings are quite similar to last year's. Tokyo has maintained its top position of the ranking that it had recovered last year with the strengthening of the yen. London (2nd) and Hong Kong (third) have switched their 2009 places. They remain very expensive for expats although prices have well decreased in both of them.
Moscow (4th) has maintained its previous ranking. Luanda (5th), most expensive African city, has gone one up. Although sales prices have decreased, rent prices have continued to increase for expats. Mumbai (6th) is down one place as a result of falling prices, particularly in early 2009. New York (7th), Osaka (8th) and Singapore (9th) have maintained their 2009 positions, but the gap between New York and Osaka has reduced due to the decrease in New York (Manhattan) prices. Paris, third most expensive city in Europe, ranks in at 11th. It has not suffered from the housing crisis, rising two places.
By Abdul Basit
© Khaleej Times 2010
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