Dubai: Housing and food prices in Dubai is similiar to some of the world’s costliest cities like New York and Zurich, a Swiss study revealed Sunday.
The average monthly rental prices in these cities are up to 100 percent above the global average, Xinhua quoted a study by Swiss bank UBS as saying.
The lender said together with Norway’s Oslo and Switzerland’s Geneva, Dubai also has the priciest food in the world.
A three-course menu in a stylish restaurant in these cities costs about $95.
Dubai, officially free of income taxes, became the Middle East’s most expensive city also due to its growing bureaucracy and a number of “hidden taxes”.
In the past two years, thousands of once-for-free parking spaces were transformed into paid parking zones.
In addition, bachelors are not allowed to share apartments in order to reduce rental costs. Transport costs and traffic fines were also massively increased.
In regard to combined costs of living, Dubai ranks globally the 22nd, according to the UBS study, while Oslo is the priciest place to live for foreigners.