How Expensive is it For an Expat Living in Dubai? – Don’t forget to Miss Out !!!!
If you want to immigrate to the UAE or the United Arab Emirates, you’ll need to understand the cost of living in Dubai vs the US and other foreign countries. Whether you are an entrepreneur looking to start a new company or looking to find increased success within your field of expertise or the global job market in general, Dubai can be a great place to live and do business. In this article, we’ll go over the expenses associated with living in Dubai, what it’s like to live there, and how the government is trying to mitigate the rising costs of living. Dubai is attractive as a country to immigrate to and a great option for ex-pats looking for growth in their personal, business, and financial lives.
Is Living In Dubai Expensive? A Cost Comparison
Cost of living refers to the living expenses necessary to survive. These don’t include any recreational spending, only food, travel, clothing, and healthcare. When you compare the cost of living in Dubai with the US and other foreign countries, Dubai is one of the most affordable places to live. Consider first, the cost of living in London, a city known for its elite business practices, and its high cost of living for a single person before rent. They have a monthly cost of living of around $1,180 (USD), whereas, in Dubai, the cost of living is between $938 to $946. In the US, New York offers a sky-high cost of living at $1,364.87. Although a few hundred dollars a month may not seem like much, when you consider the differences in rent costs, this amount quickly adds up and affects the overall quality of life.
Residential Cost In Dubai Compared
The difference in cost between Dubai and London is more than a thousand dollars, and in comparison with New York in the United States, it’s almost two thousand. So to live in Dubai as compared to NY or London, ex-pats could save anywhere from two to three thousand dollars a month. This is all aside from the fact that those that choose to immigrate to the UAE see increased business opportunities and increased money-making opportunities. Your residential costs in Dubai are greatly dependent on where you want to live, and where you intend to do business. Many ex-pats opt to live in The Jumeirah Lakes Tower community, as it has the nearby amenities helpful for newly immigrated businessmen and women and access to a variety of industries.
Cost Of Education
If you’re immigrating with a family, you’ll want to know what to expect for education costs in Dubai. Although ex-pat children are allowed to attend both public and private schools, there’s no way to avoid paying a fee. The public school system in Dubai will cost ex-pats 1,635 USD per year, but most families choose to put their children in private schools as they are far superior. International schools, the likes of which are often sought after by ex-pats, are not nearly as expensive as those in the US, costing only 3,710–5,830 USD per year. Considering that London and other European countries cost families more than 10,000 USD per year, Dubai makes for a substantially smart financial choice for families.
But Is Dubai A Good Place to Live?
It’s clear that Dubai offers ex-pats a lower cost of living, better rate for education, and lower cost of housing, but how is living in Dubai? According to a recent study done by researchers at Resonance Consultancy, the UAE was ranked 9th in the world due to its high quality of life for residents and amazing environment. Part of what makes Dubai so attractive is its ever-changing landscape and dedication to new and interesting activities. From indoor shopping malls- the likes of which you can’t see anywhere else, to their expansive nightlife and landmark lookouts as seen from the tallest building in the world, residents love living in Dubai. More importantly, however, is Dubai’s low crime rates, clean neighborhood, and weather, as these aspects affect ex-pats’ ability to live safely and happily in a new country.
How Regulations Have Fought The Rising Cost of Living In Dubai
The cost of living in Dubai has grown greatly in the last ten years, the regulations of the UAE have helped to lessen the effects of the Covid-19 pandemic and also lowered the cost of living. The UAE’s dedication to making Dubai attractive for entrepreneurs and talent in the business world has also lowered costs. These efforts have not only made Dubai wrought with business opportunities but filled with leaders of industry who are looking for entrepreneurial talent and innovative new ideas but kept the price of Dubai low for ex-pats. The government of the UAE values the entrepreneurial spirit, and this has been made possible through their extended visa and funding that supports small businesses. They have an environment that allows for growth in a variety of industries and makes for an attractive location for businesses to be founded.
If You’ve Decided On Dubai
If you are an ex-pat entrepreneur looking to expand your business and create a better life for yourself and your family, you’ll need help with the setup of your new life and the founding of your business. Specifically, if one needs assistance in trying to form new relationships with UAE banks, working with a consulting firm is key. Many Dubai immigrants who are trying to set up their corporation in Dubai are met with difficulty because they don’t understand the difference between free zones and the Mainland Company. As both running a business and day-to-day life require capital, you’ll need to create a successful relationship with a bank. Many banks won’t work with those who’ve set up their companies in free zones, a fact many ex-pats are unaware of.
Global Success Consulting is a top-tier financial management and businesses consulting firm that helps ex-pats create new companies in a landscape they may not understand fully. To avoid costly mistakes, wasted time, or worse case scenarios like denial from banks, work with Global Success Consulting so that you can enjoy all that Dubai has to offer.
