By Staff writer
57% respondents said savings were down compared to 2015
Sixty-eight percent of UAE residents are expecting the cost of living to increase in the coming six months, according to a new report.
The Bayt.com Middle East Consumer Confidence Index September 2016 found only 16 percent believe living costs will remain same, with mere eight percent expecting it to decline.
Eighty-three percent of respondents in Kuwait said the costs will rise, while seven percent expecting it to decline. In Bahrain and Saudi Arabia, 75 percent and 65 percent of the respondents anticipated costs to increase.
Overall, 75 percent respondents said the cost of living will see an increase.
In terms of savings this year, 57 percent of respondents in the survey said it had declined comparison with last year. A lower number of GCC residents (48 percent) claimed savings had declined.
In the UAE, 46 percent said savings were lower, while 16 percent referred to an increase. Saudi Arabia residents saw the maximum decline in savings, with 55 percent reporting the same.
Almost 70 percent of Bahraini residents said they would be investing in real estate, with only 39 percent planning to buy property in the UAE. Apartment was the favoured investment category followed by villas/townhouses.
The biannual consumer confidence index survey was done online from August 3 to 31, with 2,893 respondents.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.