Why it’s the best time to move to Dubai in 2019? Fall in inflation, stronger dirham & substantial increase in purchasing power of residentsBusiness Registration Dubai
If you have not considered or mulling over the idea of moving to Dubai, let us tell you that 2019 is the best time for you to move in Dubai. Dubai is amongst the fastest growing cities in the world that offers lots of opportunities for business and employment.
Let’s look at the reasons how moving to Dubai will benefit your personal life.
Dubai Is Affordable
According to the latest Cost of Living Index data by Numbeo, which collects databases about cities and countries worldwide, Dubai is rated as the 217th costliest city in the world in 2019 compared to 210th in 2018 – helped by many factors which we have listed down.
Why cost of living is down in Dubai?
Fall in property Prices and Decline in Rents:
Monica Malik, chief economist at Abu Dhabi Commercial Bank believes that the main factor behind the market moderation in headline inflation is the fall in property prices. Other factors such as drop in oil prices also contribute.
Previously, many people were repelled by Dubai’s high house prices. But this has been changing for years. According to Property Monitor in some areas, such as International City in Dubai, rents and house prices are lowered by around 22% since their peak four years ago.
Dubai property market is relatively volatile but as compared to world’s luxury hubs such as Newyork, London and Singapore, property is cheap in Dubai. According to recent estimates from Savills, a prime 2 bed apartment in Singapore will cost you $4.5 million where as in Dubai an average residential unit price is much more affordable i.e. $462,000. This is why UAE has been placed on 2nd place by Savills in terms of housing investment over the next five years.
Ahmed Shaikhani, managing director at Shaikhani Group and ex-president of the Pakistan Business Council says that commercials rentals have fallen consistently over the last few quarters in Dubai. Additionally, the cost of imports and exports goods is also very low.
As compared to New York, Dubai is 45% cheaper as rents in the emirate are less by 57%. As compared to London, Dubai is also more economical as rents in Dubai are less by 38%.
In such a strong country with growing economy, these are the real bargains which you should take benefit from now.
Fall in dining-out prices:
Dubai was 53 to 58% cheaper than the Swiss cities of Basel, Zurich, Lausanne, Bern, Geneva and Lugano, which were regarded the costliest cities in the world, in terms of prices of groceries and restaurants.
Restaurant prices in Dubai are substantially cheaper compared to Basel i.e. by 53% and New York by 41% and 10% by London.
Drop in groceries:
Dubai is cheaper than New York and London both as grocery costs is less in Dubai by 38.4% and 37% respectively.
Big increase in purchasing power
Another important factor according to Numbeo is that the local purchasing power of Dubai’s residents significantly improved from 123.7 points in 2018 to 133.5 in 2019, at par with the world’s top 3 costliest cities of Basel, Zurich and Lausanne which scored 132.5, 140 and 127.4, respectively.
Freeze of school fees:
Dubai Executive Council announced a freeze of school fee for 2018-19 which means that schools cannot increase fees for one year. This announcement came because schools were getting highly expensive. International Schooling in Dubai is excellent. According to 2016/17 school inspection report by the Knowledge and Human Development Authority, 64% of private schools in Dubai offer outstanding to good levels of education.
You should not worry about your children education once you decide to make the leap to Dubai. Yes, the fess is higher but they are easily offset by lack of taxation in the area.