Twenty most expensive cities for expat rents
Dubai escapes the top 20 thanks to ‘spectacular decreases’ but Abu Dhabi remains and Beirut storms in. Here’s the list.
September 8, 2010 1:42 by Samuel Potter
Hot on the heels of HSBC’s list of the best country’s to be an expat from a financial point of view, EuroCost International has released its list of the most expensive cities in the world for expat living. The company is an analytical firm based in Luxembourg that specializes in researching the cost of living for expatriates around the world.
The big news is, Dubai has fallen out of the top 20. Along way out, in fact – it is now numbered 31 on the list, according to Emirates 24-7. Despite the Middle East fixation on Top Ten lists, this time it’s a good thing – Dubai’s drop means expat living is much more affordable in the emirate.
“In Dubai, spectacular decreases have been registered for expat rents in 2009,” says the Worldwide City Ranking 2010 for Expat Rent Prices. “Price decrease has been even more spectacular in Dubai where decreases up to 30-50 percent have been registered according to the type of housing. Dubai has fallen down in the ranking to 31st while it was 12th last year.”
Elsewhere Beirut has made an unhappily big impact, thundering into not just the top 20, but the top 10 (at number 10). “Beirut appears for the first time in the top 20, pushed up by the real estate speculation that has generated a strong increase of high quality housing,” says the report.
In fact, Lebanon’s capital is now the most expensive place to rent in the Middle East. It has even leapfrogged Abu Dhabi, which has not shared the supply-/demand dynamics that have dogged Dubai’s real estate industry. Abu Dhabi sits in 12th position, down from 11th last year.
Tokyo, London, and Hong Kong share the top three for the second year running. Click to the next page to see the top 20 in full.
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