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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, 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.
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.
Read more on Dubai which is a bargain in global market
Source: Cleofe Maceda, Senior Web Reporter, gulfnews.com