Look at the larger picture. VAT may have curbed household spending, but rents are down and so is the cost of living. It's more affordable to live in the UAE than last year. And we have the numbers to prove it
Global data service provider Numbeo's Cost of Living Index 2018 shows UAE's residents are under less financial strain as rents have fallen across the country. This has softened the impact of the five
Dubai is ranked 210 among 540 cities in Numbeo's Cost of Living Index; it was 190 in 2017. Abu Dhabi has also dropped from 252 to 303 this year. Similarly, Sharjah has become more affordable now with its rank falling from 273 to 324."
The study attributed the decline to rentals which
Rents are a major expense for residents in the country and this fall will certainly cushion the impact of VAT in coming months, experts said.
A report from Asteco, a real estate consultancy, said that 23,000 apartments and 8,500 villas will be handed over in Dubai this year, which will force owners to lower rentals. It's a win-win situation as this is the best time for renters to strike some bargains with their landlords. John Stevens, Managing Director, Asteco, said VAT impact for tenants will be negligible.
Richard Crossley, global property consultant, leasing division, Gulf Sotheby's International Realty, said rents, on average, have fallen up to 10
"The soft introduction of five
The average saving of 5-10
Most importantly, the purchasing power of Dubai and Sharjah residents improved while it declined in the UAE capital.
Vijay Valecha, chief market analyst, Century Financial Brokers, said residents should choose the right loyalty deals and keep
A report by BMI Research said