Rent prices in UAE are the fourth highest in the world

According to a new survey, UAE residents ranked fourth globally for spending the highest percentage of their monthly expenditure on rent.

This may not be shocking news for many people in UAE. But now it’s officially confirmed, the UAE is the fourth-highest when it comes to global rent prices.

UAE residents spend practically 40 per cent of their month-to-month expenditures on a lease, the fourth-highest proportion spent on lease on the earth, by brand new research. The study by UK comparison site money.co.uk. compared rent prices for three-bed properties across 50 destinations.

In the survey, Hong Kong has named it the most expensive territory in the world in which to rent a prime property with a monthly budget of $10,000. A separate Knight Frank study found that Dubai and Madrid offer residential tenants the most value for money with bigger apartments.

A three-bedroom property in Hong Kong costs an average of $3,800 per month to rent, while the average monthly cost of looking after a family of four is $3,762, according to money.co.uk.

Singapore ranked second in the survey, with the average rent accounting for more than 47 per cent of average expenditure. The survey said this is followed by Qatar, where the average rent of $2,348 amounts to 43.73 per cent of annual monthly expenditure.

People in the Emirates spend 39.85 per cent of their monthly outgoings on rent, A three-bedroom property in the UAE costs $1,921 (Dh7,054) on average to rent per month, while the monthly cost of looking after a family of four is approximately $2,901, the survey found.

The Middle East is an expensive place to live, however, Qatar, the UAE, Kuwait and Bahrain are all included in the Top 10.

For people who want to save some money in the Middle East, then Saudi Arabia is the place they might want to consider.

Saudi Arabia is the cheapest country for renters, where the average monthly rent is just $583, or 19.07 per cent of monthly outgoings, while other expenses add up to $2,477.

In Europe, Greece has the lowest rent compared to the cost of living, accounting for 19.73 per cent of the average monthly expenditure. The average rent for a three-bedroom property in Greece is $620, while other costs such as food, transport and clothing come to $2,524, the website found.

Other international locations the place rents account for the bottom month-to-month expenditures of the residents embrace Greece, Turkey, Argentina, Croatia, Latvia, Bulgaria, Estonia, Uruguay and Romania.