Cost of living rises...again!
Dubai and Abu Dhabi have just been named as the most expensive cities in the Arab world to live in, according to Mercer’s 2017 Cost of Living Survey. Dubai is currently ranked at 20th most expensive city to live in globally, up one place from last year. And Abu Dhabi falling only a few places behind, at 23rd, up 2 places from last year. Among other Middle Eastern cities, Riyadh came in at 52nd, Doha at 81st and Muscat at 92nd. Cairo however, was ranked 183rd, following the recent devaluation of its currency, making it the Middle East’s least expensive city to live in. The survey includes over 400 cities across five continents, measuring the comparative cost of housing, transportation, food, clothing, household goods, and entertainment.
So why is the cost of living rising in Dubai and Abu Dhabi? It’s down to a variety of factors, such as the instability of the housing market, the cost of borrowing and cost of imports. However, we shouldn’t see the cost of living increase too much more in Dubai, thanks to the Expo 2020. Pradeep Unni, Head of Business Development at Richcomm Global Services DMCC said, ‘a significant hike in cost of living is unlikely due to the steady supply of housing units and completion of multiple infrastructure projects ahead of the Expo 2020.’ Phew!
So where is the most expensive place to live? Coming in at top place was the Angolan capital, Luanda. Asian cities had the highest amount in the top 10, with Hong Kong at 2nd, Tokyo at 3rd and Singapore at 5th. European cities fell significantly with London coming at 30th place, dropping 13 places from last year, as a result of the devaluation of the British pound.
Let’s hope the cost of living isn’t set to increase anymore! But in the meantime, doesn’t look like we’re moving to Luanda anytime soon!