International lenders did not disclose specificities, but said it was part of global cost-cutting plansNovember 26, 2015 11:32
Five reasons why Dubai living costs are falling
It’s still not the cheapest city in the world, but with inflation at a five-year low, many essential items are becoming more affordable.
February 16, 2010 4:02 by Aarti Nagraj
5. Better discounts
While many stores are currently offering discounts for the ongoing Dubai Shopping Festival, the financial crisis was already forcing retailers to lower their prices.
The case is especially true for luxury brands. A recent report by research firm Datamonitor found that 26 percent of consumers in the UAE completely stopped buying jewelry and watches, and 28 percent said they have cut back spending on luxury goods.
And hence, many of these luxury brands have been forced to offer attractive discounts to tempt buyers. A Forbes report in October last year, which examined the cost of luxury goods in nine global cities, found that a gold Patek Phillipe watch costs $14,996 in Dubai, the lowest in all the cities studied.
But it’s not just luxury brands that are lowering prices. Hotels have also been forced to slash their room rates; airlines are vying with each other to offer cheaper fares; and even regular clothes and cosmetic brands have discounts almost throughout the year.