Dubai has always been an attractive city for expats. However, the cost of living in 2014 has become a bigger burden for many compared to last year.
In ECA International’s Cost of Living report, Dubai is listed at the 165th spot on the ranking of world’s most expensive locations for expats. While this position is nowhere near to the top of the index, it is higher compared to just twelve months ago. In the 2013 Cost of Living report Dubai occupied the 174 place. This means that it has climbed by nine spots. Moreover, two years ago, the city was 182nd. This jump is largely attributed to general price rise in Dubai, more specifically the increasing home prices.
Not much different is the case with UAE’s capital – Abu Dhabi. The city has also registered a jump over the past couple of years. Although Abu Dhabi’s rise on the list is not as impressive as that of Dubai, the city has started to catch up with its neighbour and it currently the 177th most expensive city for expats in the world. But apart from Dubai and Abu Dhabi, the majority of cities in the region were listed at a much lower positions on the list.
The priciest location for expatriates is Venezuela’s Caracas. The city dethroned Oslo from the top position, which ended up being second this year. The primary reason for Caracas’ climb is the vitality of Venezuela’s bolivar. However, it is expected that the city will not remain on the first spot for too long, since the country’s currency has further devaluated.
Switzerland, however, is dominating the top 10 with four representatives – Zurich (4), Geneva (5), Bern (7) and Basel (8). Due to the stronger rate of the Euro, many other EU countries climbed the list. For example, Frankfurt jumped with 15 places and landed on the 74th. Paris also saw an increase after it climbed 10 spots and entering the global top 30.
In the Asia Pacific, Tokyo continued to be the priciest location for expats in the region. The city continued to be 11th in the global ranking. However, Chinese cities are some of the biggest climbers not only this year, but for the last half a decade as well. For just five years, China’s Beijing and Shanghai have jumped by more than 30 positions and are now among the 20th priciest cities for expatriates in the world.
Priciest cities for expats:
- Caracas, Venezuela
- Oslo, Norway
- Luanda, Angola
- Zurich, Switzerland
- Geneva, Switzerland
- Stavanger, Norway
- Bern, Switzerland
- Basel, Switzerland
- Juba, South Sudan
- Copenhagen, Denmark
- 165. Dubai
- 177. Abu Dhabi
