Among the expat friendly states, Dubai is on the top of list as more than 85% of the state’s population comprises of the immigrants. These expats have played their pivotal part in making Dubai as we know it today; from the land of nomadic tribes, Dubai has metamorphosed into the world’s epicenter for fashion, business, and real estate industry.
Although Dubai is home to some of the world’s most expensive amenities including hotels, malls, apartments and villas yet the state offers an affordable lifestyle to the millions of people from poor countries such as India, Bangladesh, Somalia, Afghanistan and Algeria. At the same time, the richer folks find nowhere else better than Dubai to experience a truly luxurious and royal time of their life.
It is interesting to note that with more facilities and added infrastructure making Dubai more modern and accommodating to the world’s elite and leisure travelers, the cost of living is dropping here. According to Economist Intelligence Unit’s (EUI) survey of Cost of Living (2013), which is also quoted by accredited news sources of the UAE such as Emirates 24/7, out of 131 global cities, Dubai is ranked as the world’s 96th most expensive metropolis to live in (Dubai becomes more affordable).
Since accommodation accounts as one of the main expenditures of living cost, the status of Dubai property sector seems to have a direct connection with expats’ lifestyle. As per the stats of Bayut.com, rents in Dubai have increased almost 30% since Jan 2012, strengthening the market to attract more and more international investors. With more investors drawn to Dubai, the state is only destined to improve further and offer better facilities to the dwellers.
With rising rents, it is only logical to perceive that cost of living is also increasing in Dubai. The truth however is opposite. As compared to the previous years’ EUI living cost survey rankings, a drop of 2 positions in 2013 and a rise of 30% in the apartments’ rents confuse many people about how Dubai is increasingly becoming an affordable and desirable place among expats to live in. The answer to this lies in the fact that with increasing currency value and stable economy, people living and working in Dubai have a better buying power than billions of people living in many parts of the metropolises that are ranked higher on this survey’s results.
A decade ago, when Dubai was half as developed and attractive as it is today, it was the 56th most expensive metropolis of the world. Five years later, when the state was experiencing the best of its real estate days, its ranking dropped by 24 positions to claim the 80th spot in EUI’s list of the most expensive cities. Ever since then, Dubai is on the voyage to become more affordable and hence accommodate a larger number of expats and tourists.