Dubai and Abu Dhabi are becoming 'more affordable'

09/06/2011 - Dubai Investment News Posted by Neil King
Dubai and Abu Dhabi are becoming 'more affordable'

Dubai and Abu Dhabi are becoming more affordable places to live, a new report has shown.While both emirates are notorious for offering luxurious surroundings to expanding expat communities, research recently published by ECA International has claimed that the regions are becoming cheaper to live in.According to the research, Dubai now sits 175th in the list of most-expensive cities in the world, down from 128th in 2009.Over the same period, Abu Dhabi slipped from 156th to 191st.Frederic Franchi, a business development manager for Europe, the Middle East and Africa at ECA, explained: "One of the main factors affecting this is the exchange rate element, [as] the currency in the UAE is pegged to the US dollar."When the US dollar is weakening against other currencies globally, you have these movements affecting Dubai and Abu Dhabi."The news follows a report by MasterCard which placed Dubai in the top ten of worldwide tourist destinations.