Dubai Named Most Expensive Middle Eastern City for Expats
The report showed that Dubai now ranks 15th globally, climbing three spots from last year in a study of 226 cities.
Dubai has been named the most expensive city in the Middle East for international employees, driven by soaring rents and insurance premiums, according to the ‘2024 Cost of Living City Ranking’ by US-based consulting firm Mercer. The report showed that Dubai now ranks 15th globally, climbing three spots from last year in a study of 226 cities.[1]
The report highlights a 21% surge in housing prices in Dubai from 2023 to 2024, with three-bedroom apartment rents rising by an average of 15% and house rentals by 32%. These increases far surpass those in other rapidly growing cities, such as Singapore by 10%, Amsterdam by 7%, New York by 6%, and Hong Kong by 7%.
Additional cost pressures in Dubai include a 5% increase in grocery prices and a 3% rise in personal care items, while transport costs have remained stable. However, Mercer anticipates a rise in insurance premiums following storms and flooding in April 2024.
Tel Aviv ranks as the second most expensive city in the Middle East, dropping eight places to 16th globally. Abu Dhabi debuts on the list at 43rd, followed by Riyadh at 90th and Jeddah the 97th.
Globally, Hong Kong, Singapore, and Zurich remain the priciest cities for international workers, while Islamabad, Lagos, and Abuja are the least expensive.
In a recent report from the World’s Wealthiest Cities Report 2024, Dubai is ranked as the 21st wealthiest city in the world and is home to the Middle East's highest concentration of resident millionaires, at 72,500.
According to the latest findings from the World’s Wealthiest Cities Report 2024, a collaboration between Henley & Partners and New World Wealth, Dubai now stands among the 50 richest cities globally.
The report reveals a 78% increase in the number of individuals possessing liquid investable wealth of $1 million or more, reaching 72,500 millionaires between 2013 and 2023. Additionally, Dubai is home to 212 centi-millionaires, individuals with $100 million or more, and 15 billionaires.