How affordable are Abu Dhabi, Dubai and Sharjah? Index reveals the most expensive cities to live in 2024 – News

Despite the rise in the cost of living in recent years, Abu Dhabi, Dubai and Sharjah are considered more affordable than other major cities in Asia, Europe and the United States, according to data published by Numbeo, a global provider of data on economic areas. , social and security.

The cost of living in the three emirates is much lower than that of Zurich, Geneva, New York, Los Angeles, Oslo, Singapore, London, Adelaide, Sydney, Auckland, Melbourne, Hong Kong, Tel Aviv, Milan, Vienna, Montreal, Frankfurt and many others.

Dubai, Abu Dhabi and Sharjah rank 142, 156 and 202 in the latest cost of living index for 2024.

Among the 10 most expensive places to live, Swiss cities dominate, led by Zurich, Basel, Lausanne, Geneva and Bern. Hamilton (Bermuda) remains in first place as the most expensive city to live in.

Asian cities Thiruvananthapuram, Peshawar, Karachi, Lahore, Visakhapatnam, Bhubaneswar, Raipur, Kozhikode, Bhopal and Bishkek are the most affordable cities on the list.

Numbeo data showed that the cost of living in three emirates increased for the second time in a row in 2023. Dubai’s ranking in the cost of living index rose from 182 in 2023 to 142 in 2024, Abu Dhabi’s rose from 266 in 2023 to 156 in 2024; and Sharjah’s ranking jumped from 319th in 2023 to 202nd in 2024.

In 2022, Dubai, Abu Dhabi and Sharjah ranked 276, 309 and 361, respectively.

The main reasons for the increase were attributed to rising rents, food prices and the costs of dining out.

In the rental index, Dubai rose from 53rd position in 2023 to 29th in 2024, and the UAE capital jumped from 70th to 41st. Rents in the main emirates of the UAE have increased consecutively since the pandemic due to the greater flow of foreign workers into the country.

Rents have increased at a double-digit rate for the past few years in a row. In 2023, rising demand for rental properties continued to drive up rental prices, transforming the landscape for both landlords and renters in the emirate of Dubai. Property brokerage Allsopp & Allsopp saw a 65 per cent increase in new rental client registrations, generating a staggering 147 per cent increase in rental viewings as demand reached a fever pitch across the market.

Similarly, Dubai, Abu Dhabi and Sharjah rose in the grocery index due to an increase in the cost of consumer goods in the country.

According to the Dubai Statistics Centre, the consumer price index increased from 106.09 points in January 2023 to 110.2 in December, driven by transportation; recreation, sports and culture; housing and public services; insurance and financial sectors and others.

In terms of gastronomy, Dubai has been ranked as one of the top 10 cities in the world for foodies in 2023. The emirate ranked second globally in terms of restaurant density.

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