The rental declines over the last 12 months are starting to pay off for Dubai’s residents.
A global survey by the consultancy Mercer finds that cost of living has come down, thus ensuring Dubai drops to the 26th spot from 19 in the list of most expensive cities.
But when compared to other cities within the region, Dubai is still costlier.
“Given that rental prices are a significant factor in the cost of living for expats, in particular, the overall cost of living decreases as well,” the report finds.
Dubai still lower than New York, London
“Rent for a two-bedroom apartment of international standards costs an average of $2,995 in Dubai, while it costs an average of $5,700 in New York and $4,335 in London,” the Mercer report notes.
“One litre of gasoline in Dubai costs $0.61 while it costs $0.70 in New York and $1.65 in London.”
The cost declines elsewhere have also managed to offset the introduction of VAT earlier this year.
Source: Gulf News