By Sarah Algethami, Staff Reporter www.gulfnews.com
Dubai: Dubai is becoming more affordable to live and work in, according to a report released on Tuesday by UK-based property group, Savills.
The emirate is ranked the world’s 9th most expensive city for companies to locate employees, overtaking the likes of Shanghai and Rio De Janeiro, according to the Savills report. The ranking has dropped a notch since 2008 when Dubai was placed 8th in the index.
London, meanwhile, was ranked the world’s most expensive city for companies to locate employees, overtaking Hong Kong, which had topped the ranking for five years. Hong Kong was followed by New York, Paris, Tokyo, Singapore, Moscow and Sydney.
The drop in the ranking was achieved despite Dubai having witnessed a 12 per cent growth in rents in the first six months of the year, and high price growth in its residential markets, with values up 22.8 per cent during the period. More info