Increasing costs of living does not deter inflow of American expats
Earlier this year, market research firm, YouGov, indicated how the rising cost in living could encourage at least half of the UAE expatriate population to leave.
The research had surveyed 1,104 participating expats, with 22% of them admitting how the rising costs of living is held as their main concern. Another 19% express doubts about their abilities to afford increasing rent prices, whereas another 15% of the surveyed population hold anxieties about not having enough surplus to facilitate a savings plan.
When asked if these expats were concerned enough about the cost of living to move away from the UAE, 17% responded with definite certainty whilst another 33% reserved such considerations as a high probability. 21% however, expressed confidence that costs of living would encourage them to leave, whilst the rest of the surveyed expats remained unsure.
Upon breaking down the data through a demographic scope, 67% of surveyed Western expatriates considered moving away from the UAE, whilst Asian and other Middle-East expatriates held more concerns over the increasing rent prices.
Overall, 56% of the entire surveyed population argued that they faced difficulties in affording the costs of living in the UAE. Popular expat destination, Dubai, has now claimed the 23rd spot amongst the world’s most expensive cities to live in.
Alaeddine Ghazouani, research manager at YouGov, illustrated how “The majority of expatriates consider money and saving for the future as an important factor in moving to UAE.”
Ghazouni “But the rising costs of living are increasingly holding them back from safeguarding the
financial security they have been looking for, which makes moving out of the UAE a serious alternative.”
However, regions in the UAE, particularly Abu Dhabi and Dubai, are still maintaining their reputation for being popular expatriate destinations, despite the concerns over rising prices. US Expats, in particular, are now classifying Dubai as the most desirable location to work in – a position previously held by London. For Americans, Dubai’s top ranking trumps other globally attractive cities such as Paris, Singapore, Geneva, Cape Town and Amsterdam.
Perhaps the only concerns that exist for American expatriates is the declining level of career opportunities offered to those who trade in the energy and resources industry. Due to a deteriorating price in crude fuels, oil and gas projects throughout the Gulf region are unfortunately facing a position of standstill.
Nevertheless, US expats are still attracted to a favourable level of per capita income. According to data released from the World Bank, workers in the UAE are entitled to purchasing powers at an average value of US$60,886. When comparing to the UK’s $35,091 purchasing power value, it becomes understandable how the UAE, particularly Dubai, is held in such high regard by US expats.
Due to the rising costs of living, expatriates who work or are looking to work in the UAE are recommended to facilitate means of protecting their monetary assets. Acuma provides dedicated, professional financial advice to expats in Dubai, Abu Dhabi or elsewhere throughout the UAE. Our expert independent financial advisers are highly trained to delicately assess your finances before presenting you with the most suitable solutions to your requirements.
Earlier this year, market research firm, YouGov, indicated how the rising cost in living could encourage at least half of the UAE expatriate population to leave.
The research had surveyed 1,104 participating expats, with 22% of them admitting how the rising costs of living is held as their main concern. Another 19% express doubts about their abilities to afford increasing rent prices, whereas another 15% of the surveyed population hold anxieties about not having enough surplus to facilitate a savings plan.
When asked if these expats were concerned enough about the cost of living to move away from the UAE, 17% responded with definite certainty whilst another 33% reserved such considerations as a high probability. 21% however, expressed confidence that costs of living would encourage them to leave, whilst the rest of the surveyed expats remained unsure.
Upon breaking down the data through a demographic scope, 67% of surveyed Western expatriates considered moving away from the UAE, whilst Asian and other Middle-East expatriates held more concerns over the increasing rent prices.
Overall, 56% of the entire surveyed population argued that they faced difficulties in affording the costs of living in the UAE. Popular expat destination, Dubai, has now claimed the 23rd spot amongst the world’s most expensive cities to live in.
Alaeddine Ghazouani, research manager at YouGov, illustrated how “The majority of expatriates consider money and saving for the future as an important factor in moving to UAE.”
Ghazouni “But the rising costs of living are increasingly holding them back from safeguarding the
financial security they have been looking for, which makes moving out of the UAE a serious alternative.”
However, regions in the UAE, particularly Abu Dhabi and Dubai, are still maintaining their reputation for being popular expatriate destinations, despite the concerns over rising prices. US Expats, in particular, are now classifying Dubai as the most desirable location to work in – a position previously held by London. For Americans, Dubai’s top ranking trumps other globally attractive cities such as Paris, Singapore, Geneva, Cape Town and Amsterdam.
Perhaps the only concerns that exist for American expatriates is the declining level of career opportunities offered to those who trade in the energy and resources industry. Due to a deteriorating price in crude fuels, oil and gas projects throughout the Gulf region are unfortunately facing a position of standstill.
Nevertheless, US expats are still attracted to a favourable level of per capita income. According to data released from the World Bank, workers in the UAE are entitled to purchasing powers at an average value of US$60,886. When comparing to the UK’s $35,091 purchasing power value, it becomes understandable how the UAE, particularly Dubai, is held in such high regard by US expats.
Due to the rising costs of living, expatriates who work or are looking to work in the UAE are recommended to facilitate means of protecting their monetary assets. Acuma provides dedicated, professional financial advice to expats in Dubai, Abu Dhabi or elsewhere throughout the UAE. Our expert independent financial advisers are highly trained to delicately assess your finances before presenting you with the most suitable solutions to your requirements.