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
No comments:
Post a Comment