Dubai is most expensive city in the Middle East

17/09/2012 - Dubai Lifestyle News Posted by Neil King
Dubai is most expensive city in the Middle East

Businesspeople considering investing in property in Dubai may be reassured that they will get good returns following the publication of a new study by UBS.It examined a range of indicators in locations all over the globe and found that Dubai is the most expensive city in the Middle East and the 22nd most costly worldwide.New York, Dubai and Zurich were listed as having the highest average rental prices, with monthly rents in the three cities ranging between 60 and 100 per cent of the global average.Dubai was also the second most expensive destination in which to purchase clothing, beaten only by Tokyo.Meanwhile, Dubai, Geneva and Oslo topped the rankings when it came to the priciest cities for a three-course meal in a good restaurant.In terms of individual purchasing power, which was calculated by dividing net hourly wages by the cost of a hypothetical basket of commodities excluding rent, Dubai came 27th in the world.This is likely to be good news for anyone thinking of making an investment in Dubai, whether it is for residential or commercial properties, as it should mean owners can make a significant profit on rents.  However, investors may not need too much encouragement, if new figures from Citigroup are anything to go by.According to the organisation, property buyers are seeing the emirate as a safe haven for their money at a time when global currencies are still flagging.Indians and Iranians are currently the biggest investors, with business space and luxury apartments in the Burj Khalifa selling particularly well.However, people from Afghanistan are also getting more prominent on the Dubai property scene, as they are buying second homes to act as a buffer against the political turmoil back home.Dubai managed to bounce back better than most global cities from the financial crash of 2007-08 and it seems it is the place to be for anyone eager to make a long-term investment.