Dubai named one of the world's most affordable cities

06/03/2014 - Dubai Investment News Posted by Neil King
Dubai named one of the world's most affordable cities

Dubai has been named one of the world's most affordable cities to live in.

Emirates 24/7 states a new study by the Economist Intelligence Unit (EIU) has revealed the emirate is ranked among the bottom third of global cities in terms of cost of living. This is despite posting a worse performance in this year's study, compared to 2013. Its position rose slightly from number 96 last year, to 94 in 2014, meaning it became slightly less affordable to live in the city over the last 12 months. 

Abu Dhabi was the most expensive location to live in the UAE, coming in at number 82 in the global ranking, while taking second place in terms of the Middle East. Only Amman in Jordan was more costly in the region, achieving a worldwide position of 52.

The study shows that in spite of the emirate becoming slightly less affordable, living in Dubai today is a lot less expensive than it was a few years ago. In 2011, the emirate came in at number 56 in terms of the most costly locations to live in the world. This year, however, its position was 78. 

Mumbai in India was named the cheapest out of the 131 cities to be included in the survey, with Karachi and New Dehli following close behind. The bottom five was completed by Nepal's Kathmandu and Damascus in Syria.

At the other end of the scale, Tokyo managed to pass on its crown as the world's most expensive city, after holding the dubious honour for 14 out of the last 20 years. In its place was Singapore, which rose dramatically from its number six position in the rankings in 2013. 

EIU claim this sudden rise came as the result of a large increase in prices and its strengthening currency. Tokyo, meanwhile, takes Singapore's old ranking in the survey after suffering a slide in the valuation of the Yen. 

Paris was named the second most expensive place to live in the world, in a top ten that was dominated by European and Asian/Australasian locations. Norway came in at number three, with Zurich and Sydney making up the rest of the top five.