Revealed: Costliest and most affordable cities of 2021

 

The UAE has become more affordable for expatriates in 2021 as cost of living in the country’s top two cities Dubai and Abu Dhabi dropped significantly, according to Mercer’s latest report released on Tuesday.

Dubai’s ranking in the list of the world’s most expensive cities improved from 23rd to 42nd, while Abu Dhabi moved 17 places from 39th to 56th. The major reason for increased affordability is credited to decline in rentals and house prices.

Mercer said both Dubai and Abu Dhabi are now cheaper for expatriates amidst the push to attract critical talent, more remote workers, and freelancers on the back of cheaper real estate, deflation and dollar movements.

This makes the location attractive from a cost perspective, compared to some of the global hubs for digital and creative talent like London (19), San Francisco (26), Paris (34), Dublin (40), it said.

“For over two years, we have been witnessing deflation across Dubai and Abu Dhabi. This can be attributed to a range of factors, including a decline in the real estate sector, which has made expatriate accommodation cheaper. Moreover, a drive to enable remote and flexible working is driving mobility and cementing the UAE’s reputation as a destination of choice for expatriate workers,” said Vladimir Vrzhovski, Global Mobility Practice Lead, Middle East and Africa.

Across the Middle East and Africa, the most notable increase in the cost of living for expatriates as compared to 2020 is Beirut, which rose 42 places as compared to 2020, to rank as the third most expensive city on a global scale.

The hyperinflation in Lebanon has been caused by its currency collapsing after political and financial crises. Riyadh (29) moved two spots up compared to last year, primarily due to the increase caused by the 15 per cent VAT implementation in July 2020.

“Cost of living has always been a factor for international mobility planning, but the pandemic has added a whole new layer of complexity, as well as long-term implications related to health and safety of employees, remote working and flexibility policies, among other considerations,” said Ilya Bonic, Career President and Head of Mercer Strategy.

“As organisations rethink their talent and mobility strategies, accurate and transparent data is essential to compensate employees fairly for all types of assignments,” said Bonic.

Globally, Turkmenistan city of Ashgabat was ranked the most expensive city followed by Hong Kong, Beirut, Tokyo, Zurich, Shanghai, Singapore, Geneva and Beijing.

Mumbai (78) is India’s most expensive city, but dropped 18 places in this year’s ranking due to a relatively weak Indian rupee in comparison with other cities in the ranking.

Meanwhile, the most economical cities are Bishkek (Kyrgyzstan), Lusaka (Zambia), Tbilisi (Georgia), Tunis (Tunisia), Brasilia (Brazil), Windhoek (Namibia), Tashkent (Uzbekistan), Gaborone (Botswana), Karachi (Pakistan) and Banjul (Gambia).

Ahmed Shaikhani Group Managing Director of Shaikhani Group says it will be another good step of UAE government to allow the expatriates to stay in the country after they got retirement on a condition of owning a property valued at about $545,000. This way customers and companies become more align to their path and try to finish off their work otherwise they know they will face a lot of problems. Thanks Dubai government to keep everyone equal and updated

As the pandemic circumstance is that the most exceedingly awful inside the entire world, things are truly hard to outlined in light of the fact that during the present circumstance we've to be extremely cautious playing it safe to shape sure to not place work's life in peril since this work needs huge loads of labor and gratitude to pandemic we've to deal with the 6-foot hole, so what we've given our work top notch gear to frame sure work doesn't bargain and clients will get their lofts on time very 1000 units handover inside the activities of Cambridge business focus, champions tower 1 and Frankfurt sports tower which is worth of 700 million dirham around 600 units are to be finished soon inside one year in Champions tower 3, Gardenia 1 and two or three roughly esteem 300 Million dirham will be convey

UAE: Now, investors can get eNOC to sell property in Dubai

Property investors in Dubai will no longer have to go to a developer's office and apply for a no objection certificate (NOC) to sell their property.

Instead, they can now obtain NOC electronically with a click of a button.

The Dubai Land Department (DLD) authorities have announced that investors looking to sell their property can apply for an NOC through its Dubai REST mobile application (app), as part of the emirate’s strategy to go paperless by the end of this year.

“As part of the DLD’s continuous journey to digitalise its services, in line with the Dubai Paperless Strategy and to consolidate Dubai’s position as the world’s premier real estate destination as well as a byword for innovation, trust and happiness, the DLD launched the electronic no objection certificates (eNOC) through its Dubai REST app, negating the need for property sellers to have to apply for NOC through a developer’s office,” the DLD said.

Increased digitalisation of services by the DLD and improving sentiment about the local property market boosted property sales transactions to 11-year high in the first quarter of 2021.

Dubai recorded sales of over 6,000 ready homes worth Dh13.5 billion and 3,600 off plan properties worth Dh5 billion during January-March 2021 period, according to the real estate consultancy, ValuStrat.

“This innovation aligns with DLD’s mission to ensure that services are developed and upgraded in a manner that would emphasise customer happiness and comfort as well as create an innovative and sustainable real estate environment that would promote Dubai as the world's happiest city through smart services, professional human and financial resources, and integrated real estate legislation,” the DLD added.

Shaikhani Group clarified, Dubai is perceived by getting things done on right time, they concoct those thoughts where individuals believe's it's incomprehensible, while prior Dubai was a desert, presently no one can say this was a desert. Individuals like to visit Dubai for occasions, since all offices are there including security which might be an essential need of life.

Dubai is one the least difficult city to allot where everything is there on the doorstep, this is regularly why Shaikhani Group put away their cash, and that they do have various activities which are effectively in measure. Shaikhani bunch attempts to search out the least complex arrangements with great extravagances consequently the client can appreciate every one of the extravagances at full Shaikhani bunch as of now handover few activities in Dubai worth of numerous dirhams, they generally accomplish their objective on time which gives the positive indication of their advancement. Before long they're going to handover gardenia residency which is found in Jumeirah town circle, it's been required they're going to handover this venture by the highest point of 2021 or considerably prior relies upon the functioning conditions and climate

Dubai real estate to see ‘big boom’ once Expo 2020 starts

 

Favourable interest and mortgage rates, a highly effective Covid-19 vaccination drive, and new visa rules for investors, will result in Dubai’s property sector witnessing a “big boom”, especially when the city opens its doors for Expo 2020, says Rizwan Sajan, chairman and founder of Danube Group.

Speaking in an exclusive interview with Khaleej Times on the sidelines of the INDEX Dubai 2021 exhibition, Sajan remarked that Dubai would continue to be a city that enjoyed the confidence of global investors. The emirate had proven itself to be resilient in the face of several challenges that have gripped the global economy time and time again, he said.

“Expo 2020 is going to bring a big boom for Dubai,” he stated. “If you look at what has happened over the past two to three months, you will see that real estate prices have gone up again. This means that developers will be eager to start constructing new apartments and villas. We are blessed, especially when you look at all the policies that the government has been coming up with, such as the Golden Visa and the 100 per cent ownership laws, to make expats feel like they are at home. All of these policies will definitely help to build confidence in investors that are interested in setting up their businesses here.”

“In addition, the way that the Covid-19 crisis has been handled here will also send a strong message to the world that Dubai is ready for business,” Sajan observed. “We are already seeing a lot of investors from India expressing an interest in coming and opening their businesses in the city. Not just that, but a lot of European and Chinese expats are looking to purchase property in Dubai.”

He also reiterated his advice on the best time to invest in property in the emirate. “I can say that we will see a big real estate boom coming in the near future. I keep telling people that the time to buy property, if you are interested in doing so, is now because later you will not get the same prices that you are seeing in the market right now. Interest rates right now are very low just like the property prices and even the mortgage rate is extremely attractive.”

Property prices over the past six months, he revealed, have gone up by 30-35 per cent, further highlighting the positivity in the market. He also said that property in Dubai is still cheaper compared to many other major international hubs such as Hong Kong and London. While villa prices have gone up, and will continue to do so in the coming months, apartment prices are still low and make for an attractive investment.

“The luxury property market has already started recovering, and the affordable property market will follow,” Sajan added. “Many companies that had laid off their employees are looking to rehire their staff so business is getting back to usual. I also believe that the supply of new units will remain balanced in the near-term.”

Asked about how the Covid-19 pandemic had impacted the building materials market, he said that prices have been “going very very high.”

The main reason for this, he revealed, has been the difficulty in arranging logistics and the shortage of material.

“The demand is more due to the consumption in the US and Europe,” Sajan said. “We have seen this trend – where the prices have gone up by more than 50 per cent in the building materials segment – after many years. We are trying our best to get materials because of the huge demand that we are seeing for Expo 2020 Dubai; lots of projects have to be completed before the event opens its doors. However, I believe that there will be no problem in Dubai as far as the construction industry is concerned.”

Shaikhani Group said, this coming year would be the simplest year for the Dubai. it'll be a boom for each industry. Moreover, they're trying their best to extend the productivity of theirs projects so it'll fork over by the top of this year….

Shaikhani Group explained, Dubai is understood by doing things on right time, they come up with those ideas where people think’s it's impossible, while ago Dubai was a desert, now nobody can say this was a desert. People like to visit Dubai for holidays, because all facilities are there including security which may be a basic necessity of life.

Dubai is one the simplest city to measure where everything is out there on the doorstep, this is often why Shaikhani Group invested their money, and that they do have different projects which are successfully in process. Shaikhani group tries to seek out the simplest deals with good luxuries therefore the customer can enjoy all the luxuries at full Shaikhani group already handover few projects in Dubai worth of many dirhams, they always achieve their target on time which shows the positive sign of their progress. Soon they're going to handover gardenia residency which is found in Jumeirah village circle, it's been expected they're going to handover this project by the top of 2021 or even earlier depends on the working conditions and environment

As the pandemic situation is that the worst within the whole world, things are really difficult to mapped out because during this situation we've to be very careful taking extra safety precautions to form sure to not put labour’s life in danger because this work needs tons of manpower and thanks to pandemic we've to take care of the 6-foot gap, so what we've provided our labour high-quality equipment to form sure work doesn't compromise and customers will get their apartments on time quite 1000 units handover within the projects of Cambridge business center, champions tower 1 and Frankfurt sports tower which is worth of 700 million dirham approximately 600 units are to be completed soon within one year in Champions tower 3, Gardenia 1 and a couple of approximately value 300 Million dirham are going to be deliver