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Thu 17 Sep 2015 03:44 PM

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Dubai housing costs ranked fourth most expensive in the world

Latest UBS Prices and Earnings study says Dubai is most expensive city in the Middle East while Zurich tops global list

Dubai housing costs ranked fourth most expensive in the world

Housing costs in Dubai are among the four most expensive in the world, according to the latest UBS Prices and Earnings study, which examines prices, wages and earners' purchasing power in 71 cities globally.

Zurich, Geneva and New York City are the most expensive cities in the world, according to the prices for a standardised basket of 122 goods and services.

Dubai is the most expensive city in the Middle least, when rents are included, the report showed.

It added that Dubai is one of only four cities in the study where an average unfurnished three-room apartment rents for more than $3,000 a month, namely $3,240. The others are London ($3,350), Hong Kong ($4,220), and New York ($4,320).

The report also said workers in Zurich, Geneva and Luxembourg earn the highest gross wages while in the Middle East, Manama workers earn the highest average net wages.

In Nairobi, Jakarta and Kiev, the lowest-ranked cities, workers receive only around 5 percent of average gross earnings in Zurich.

People work over 2,000 hours per year in 19 major cities, most of them in Asia and the Middle East, the report said.

The shortest working hours and highest number of days of paid vacation are enjoyed by workers in Western Europe. Workers in Hong Kong work 1,000 more hours than those in Paris, a difference of around four hours more per working day.

The report added that Manama workers get the most paid vacation days in the world, with 34 days on average a year.

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