Dubai named one of the most expensive cities in the world to rent property in

Dubai named between four world cities with the most expensive rents, according to UBS.

Prices and incomes study conducted for major cities of the world by UBS revealed that Dubai ranks fourth in the world in terms of housing costs.

UBS Prices and Earnings study examines the price level of the main items of expenditure and income in 71 cities around the world, and housing costs are one of the most important expenses. Zurich, Geneva and New York were recognized as the most expensive cities in the world, according to the study. These ranking was made based on prices level for goods and services in the market basket consisting of 122 items.

Dubai was named the most expensive city in the Middle East, based on prices data, including the rental costs. Only in Dubai and three other cities in the top four of this "anti-rating" you can rent a three-room unfurnished apartment for more than USD 3,000 per month: in Dubai it is USD 3240, in London — USD 3350, in Hong Kong — USD 4220, and in New York — USD 4,320.

However, property prices in certain sales segments in Dubai real estate market are significantly lower than that in the other leading cities of that list. Luxury property in Dubai is still almost 10 times cheaper than in Monaco, the world capital of luxury. And the quality and prestige of similar housing coupled with convenient infrastructure for this real estate class in Dubai is not worse and sometimes even better than that in Europe. At the same time, prices for Dubai property, especially in the premium segment, keep going down rapidly. So, if renting a house in Dubai is still quite expensive, buying a property is about time, experts say.

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