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A new study shows that UAE residents spend nearly 40% of their monthly expenditure on rent, which is the fourth highest percentage of rent expenditure in the world.
According to the data, the normal monthly expenditure of UAE residents is estimated to be 4,086.57 euros (17,762 dirhams), while the average monthly rent for a three-bedroom apartment is about 1,628 euros (7,076 dirhams).
The study conducted by Money.co.uk surveyed the average rent of three-bedroom properties in more than 50 developed countries around the world and compared it with other living costs for a family of four.
Due to the oversupply in the market, residential rents in the UAE have fallen sharply in the past few years. Recently, rents have almost bottomed out in some areas, especially in areas with limited supply.
The Dubai market is currently clearly fragmented-villa rents have risen by an average of 4.7%. In contrast, according to a recent study by Asteco, average apartment rents fell by 10.3% in the past 12 months to April 2021.
Globally, Hong Kong is the most expensive place with 50.25% of the city’s residents’ monthly rental expenditure, followed by Singapore (47.08%) and Qatar (43.73%).
Kuwait, Ireland, the United States, Bahrain, Australia and New Zealand are the 10 countries with the highest percentage of rental expenditure.
Hong Kong is the only country where ordinary people pay more rent than all other living expenses combined. The average three-bedroom property costs an average of 3,220 Euros per month, which is more or less equivalent to the monthly cost of taking care of a family of four, which averages 3,188 Euros.
In contrast, the country with the smallest rent-to-finance ratio is Saudi Arabia, with an average rent of only 494 Euros, while other expenses add up to 2,099 Euros. Therefore, rent accounts for 19.07% of monthly expenses.
Other countries where rent accounts for the lowest monthly residents’ expenditures include Greece, Turkey, Argentina, Croatia, Latvia, Bulgaria, Estonia, Uruguay and Romania.
Wahid Abbas
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