According to the latest survey released by Mercer
According to a new report released by Mercer 2024, Dubai has jumped three places to 15th place globally to become the world’s most expensive cities for foreign employees. The rise in the cost of living in the city is mainly because of the increase in the property rentals, that have been rising post the pandemic.
3-bedroom properties experienced a 15% increase in rents year on year whereas rents increased by 21% from 2023 to 2024, that is the highest amongst the major cities, according to the 2024 Cost of Living Ranking by Mercer.
“Rising housing costs in many cities around the world have made talent mobility a challenge for employers. Volatile inflation trends are also eroding the purchasing power of international assignees and putting additional strain on their compensation packages. These factors can make it difficult for employers to attract and retain top talent and can increase compensation and benefits expenses, limit talent mobility, and raise operational costs,” Mercer said in its latest study.”
As per Yvonne Traber, Mercer’s global mobility leader, “High living costs may cause assignees to adjust their lifestyle, cut back on discretionary spending or even struggle to meet their basic needs.”
The survey covered 226 cities across 5 continents. New York city was considered as the base city and the currency moments were measured against the US Dollar. The comparative costs of more than 200 food items were assessed during the survey – from transportation and housing to food, clothing, household items, and entertainment.
Regional Rankings from the Middle East
- Dubai, UAE at 15th
- Tel Aviv, Israel at 16th
- Abu Dhabi, UAE at 43rd
- Riyadh, Saudi Arabia at 90th
- Jeddah, Saudi Arabia at 97th
- Amman, Jordan at 108th
- Manama, Bahrain at 110th
- Kuwait City, Kuwait at 119th
- Doha, Qatar at 121st
- Muscat, Oman at 122nd
- Istanbul, Turkey at 130th
- Limassol, Cyprus at 163rd
- Cairo, Egypt at 168th
- Ankara, Turkey at 208th
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