Dubai has fallen out of the top 10 most expensive cities to live well in and ranked 12th, down from seventh last year.

A report by Julius Baer said the city was the sixth most expensive in the Europe, Middle East and Africa (EMEA), with that region becoming the most expensive in which to live well for the first time.

The Global Wealth and Lifestyle Report said real estate prices in Dubai are up 16% annually in US dollar terms, but prices are “relatively affordable” compared to many cities in the region, with the world’s most active market for properties worth $10 million or more according to Knight Frank research.

The Julius Baer report is based on the costs of living well, the costs of living well, based on the prices of luxury goods and the spending habits and plans of wealthy individuals. Buying in the Middle East was focused on luxury goods such as clothes and watches and high-end smartphones, but the primary interest is in real estate. 

More than half of those surveyed in the Middle East said they had spent more on residential property in the past 12 months, and 58% said they will spend more in the coming 12 months, the report said. 

Singapore remained the most expensive city for wealthy individuals in 2024, followed by Hong Kong in second place, which has risen from third; London in third, up from fourth; Shanghai in fourth; and Monaco in fifth.

Zurich, New York, Paris, Sao Paulo and Milan made up the remainder of the top 10 most expensive places to live well. 

The report surveys high net worth individuals (HNWIs) in 15 countries in Europe, the Asia Pacific Region, the Middle East, Latin America and North America.

(Reporting by Imogen Lillywhite; editing by Daniel Luiz)