‘More of a Monaco’: how Dubai’s rising cost of living is pricing out expats and creating a playground only for the ultra-rich
- Rent, food bills and school fees are rising rapidly in Dubai, leaving many residents and expats struggling to keep up with the cost of living
- It may have a largely tax-free status but over the past decade, the emirate has risen from being the 90th most expensive destination for expats to the 31st
As billionaires snapped up villas in Dubai and the city bulged with new bankers and executives, Ghida was evicted. The landlord had seen a way of doubling the roughly US$3,000-a-month rent she and her husband were paying.
The couple were asked to leave their home after being told the owner wanted to move in with his family. He then advertised it for US$6,000 a month. She’s now suing him for breaking rental rules.
“I am hearing they have a staggering backlog of other tenants with similar situations to mine,” said Ghida, who wanted to be identified by her first name.
It’s a story similar to dozens of others in Facebook groups, cafes and workplaces and reflects Dubai’s latest incarnation: an enduring land of opportunity, though with a barrier to entry that just got significantly higher.
Key to Dubai’s brand has been a largely tax-free lifestyle that many incomers are unable to access in their home country. But an influx of crypto millionaires, bankers relocating from Asia and wealthy Russians seeking to shield assets is driving up rents and making the metropolis more like a playground for the super-rich.