Dubai now ranked 174th globally out of 400 cities surveyed by ECA International's cost of living report 2013
Cost of living in Dubai is rising due to increasing rents, but compared globally the emirate is still among the least expensive cities for expatriates, says a new report.
CBRE, a global consultancy, stated in April that average rents the first quarter 2013 for two bed units in established residential locations such as Dubai Marina, Palm Jumeirah and Downtown Dubai rose 27 per cent year-on-year.
Rents for apartments in The Greens community on Sheikh Zayed Road surged by over 40 per cent in past 12 months, the highest increase among master communities in Dubai, it said.
Average villa rents, CBRE said, jumped by nearly five per cent in the first quarter with smaller unit (two and three bed) registered substantially higher growth of nine per cent and seven per cent, respectively.
According to ECA, the world's leader in providing solutions for the management of international assignments, Oslo, Norway's capital, is the world’s expensive location for expatriates.
It overtook Tokyo, which held the first place for three consecutive years, but is placed at the sixth position this year (2013).
Angolan capital Luanda followed by Stavanger (Norway), Juba (South Sudan) and Moscow (Russia) make it to the top five.