The ranking is determined by various factors, including shifts in the real estate markets of cities with a favorable business environment for expats.
Dubai provides expatriates with numerous advantages and is surprisingly more cost-effective compared to major cities like London and New York.
Breaking another global record, Dubai has secured a position among the top five most affordable cities globally for expat housing, as per the latest ranking by Colife, a global rental service.
Joining the list of the most affordable cities for expats are the Norwegian capital city Oslo, the German capital Berlin, the Spanish city of Barcelona, and Lisbon, with the Portuguese capital claiming the top spot, according to Colife’s new ranking.
This ranking considers various factors such as changes in real estate markets in cities with an attractive business environment for expats. Additional factors include global studies like the Ease of Doing Business Index by the World Bank, the Global Startup Ecosystem Index Report by StartupBlink, and the Worldwide Work-Life Balance Index by Forbes Advisor.
The significance of this ranking is heightened against the backdrop of the rise in digital nomadism — the trend of remote workers traveling and working simultaneously, influencing policies and decisions of companies and governments worldwide. Countries like the UAE are adapting by offering special long-term residency visa programs and amending migration laws to attract more people.
Ilnara Muzafiarova, CEO of Colife
“The analysis of our target audience considered people with above-average incomes who value their time and quality of life,” Ilnara Muzafiarova, CEO of Colife, told Arabian Business.
“The study also included people who prefer to delegate household tasks and avoid the hassle of a two-hour daily commute,” Muzafiarova said.
Dubai’s Advantages for Expats:Colife highlights that Dubai offers several benefits to expats and is more affordable than major cities like London and New York.
For instance, Colife provides stylish apartments in popular Dubai areas such as Dubai Marina, Business Bay, Al Furjan, and JLT, starting from $1,800 per month, excluding realtor commissions or a deposit. The rental price includes 24/7 service, high-speed Wi-Fi, bill payment, and cleaning services.
Describing Dubai as a cosmopolitan city with a developed economy and a high standard of living, the study notes it is home to offices of many large international companies. With over 80% of the city’s population being expats, English is widely spoken, making Dubai a comfortable place for expats in terms of language adaptation.
Colife’s stylish apartments in popular areas like Dubai Marina, Business Bay, Al Furjan, and JLT start at $1,800 per month without realtor commissions or a deposit.
Top Rankings for Other Cities:
According to Colife, Lisbon tops the city list for digital nomads due to its low cost of living, good climate, and friendly locals. Barcelona has become an attractive destination for remote workers with a new digital nomad visa, and Berlin, the creative capital of Germany, magnetizes foreign specialists. Oslo is favored by expats for its high social security, access to world-class education, and a healthy work-life balance.
Rent for a one-room apartment in Berlin’s city center ranges from $1,091 to $1,418 (€1,000 to €1,300), while in the Norwegian capital, it is estimated around $1,300-$1,528 (€1,200-€1,400) per month.
Colife acknowledges the impact of the digital nomadism trend on various sectors and caters to it by offering stylish apartments in popular expat destinations, along with 24/7 concierge assistance and a variety of community events and networking opportunities.
The Dubai-headquartered company currently manages several hundred apartments in Dubai and Istanbul and plans to enter new markets by the end of 2023.
Publish Date: November 22, 2023
Source: https://www.arabianbusiness.com/industries/real-estate/dubai-emerges-among-top-five-most-affordable-cities-globally-for-expat-housing
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