Although the cost of housing is skyrocketing every day in Dubai, they are still far more reasonable in comparison to other major metros like Hong Kong, New York, or London. However, the living cost of Dubai still beats the price of other metro cities around the world, as a survey pointed out earlier this year.
UBS, a major financial think-tank, has recently compiled their annual publication comparing the ratio of the earnings and living costs of 71 major metropolitan cities of the world. This publication thoroughly compiles the income and the consumer power of the citizens of these areas. And so far, Dubai is beating other cities except the big 3 in housing costs. Tourist destinations, like Brussels or Milan, are considerably cheaper than Dubai these days.
A single family apartment, consisting of 2-3 bedrooms, will cost you around $3,000 per month, whereas in European cities like Vienna or Madrid, you can get the same apartment in around $1,000 per month. If you want to find a two room apartment in the UAE, you have to spend around $2,500, which is only lower than five other major metros around the world.
However, according to UBS, Dubai is still cheaper than other Middle Eastern countries in respect of skyrocketing housing prices. In fact, considering the average living cost, Dubai is still cheaper than Doha. If you are an expatriate and want to rent an apartment in Dubai, then you will get it cheaper than in Chicago, London, or Hong Kong.
New York, otherwise known as the big apple, came first in respect to housing costs. According to the UBS survey, a person has to spend around $4,000 per month to live in New York. Other major cities like Hong Kong, Chicago, and London have also followed suit with a cost ranging from $2,500-$2,100. Also in this list are Doha, LA, Taipei, and Miami.
The UBS survey is a bit dated, as it is a study for the past three years. But as the recession hits the Middle East, the real estate sector is taking a big blow. High end properties like luxury apartments and condos are no longer a priority for Dubai’s middle class. This has resulted in a major decline in apartment prices in general.