What is The Cost of Living in Dubai in 2024

What is The Cost of Living in Dubai in 2024

Picture of Fasih Uddin
Fasih Uddin

Founder I Sales Director

Thinking about setting up camp in the glitzy city of Dubai, or maybe kicking off your fresh startup there? Let’s pump the brakes a bit! There’s more to it than it seems. Let’s jump in and unravel it together, how’s that sound?

Dubai rings synonymous with opulence, prosperity and a distinctly futuristic charm. Being such a high-speed city, its impression on the cost of living in Dubai has changed significantly over time. This guide is going to take you on a deep dive into the expenses in Dubai for 2024. So, ready to take a splash?

Table of Contents

Now you might be wondering, Is Dubai soft on your portfolio?

Dubai has been making a name for itself as a go-to spot for expats in search of an economical place to settle. Surprisingly, it’s even outpaced big players like Hong Kong and Singapore. The 2023 Mercer Annual Cost of Living Survey gave Dubai a big thumbs-up, further supporting its brownie points for affordability.

Ever wondered how Dubai squares up against the Titans?

Let’s put the living expenses of key cities worldwide under the microscope. If you’re a Dubai resident, you’d be spending roughly AED 3,965 ($1079.60 USD) per month excluding rent. A one-bed apartment in Downtown Dubai might set you back about AED 7500 ($2042.13 USD) each month. Commute to work? A taxi ride for a kilometer would ask for a mere AED 3.00 ($0.82 USD), while a liter of fuel would cost about AED 3.23.

Let’s shift our focus to Hong Kong, Singapore, and New York. Its monthly costs make Dubai look comparatively cheaper, at AED 4,053.4 (USD 1103.72), AED 4,190.6 (USD 1141.08), and a whopping AED 5,561.0 (USD 1514.23). The average monthly cost for a one-bed apartment in these cities swings between AED 8,315 – 15500 (USD 2264.04 – 4220.40), and a kilometer in a taxi would take about AED 2.74-6.85 (USD 0.75-1.87) from your pocket.

What is The Cost of Living in Dubai in 2024

Decoding the expense equation in Dubai living

Life in Dubai paints a rich picture, buzzing with city life intertwined with a lively economy. Looking at the expense layout, housing bites off about a 30% chunk, while both transportation and food chip in 15% each.

Interested to see how family size shuffles the expense pattern?

The fun part is seeing how the costs shift under different family sizes. Be it an individual, couple, or family, housing makes up a certain fraction of expenses; for a single person, it’s about 30%, for a couple around 25% And a family about 20%. Both transport and food are recognized as substantial, each making up 15% of total costs, the remaining 10% being kept aside for miscellaneous expenses.

Talk about home searching!

Scouting for a place to live in Dubai might seem like a maze, given the sea of options. Your decision would primarily depend on how close you want to be to the city beats. To get an idea, a one-bedroom place downtown might have a price tag of roughly AED 7500, while a more tranquil spot further from the action would cost about AED 5,142.20. Need more room? A three-bedroom pad downtown might set you back about AED 25000 (USD 6807.09), while a serene suburb spot would ask for about AED 15,000 (USD 4084.26).

Let's spill the beans on other costs in Dubai

Home Cleaning

Keeping a home spick and span might seem quite pocket heavy. You’ll often come across full-time domestic help costing AED 2,140-2,350 per month.

Public or private wheels?

If you have your heart set on a 2023 Toyota Corolla to cruise around the city, estimate it costing about AED 73,900. Fuel would not be as hard-hitting. More of a public transport type of person? Taxis go by AED 3.00 a km and buses run at AED 5 a ticket in Zone 1.

Check out education in the Dynamic City of Dubai.

Parents may choose between public and private schools for their little ones. Yet, private schools seem to be slashing deeper into pockets compared to public schools, thanks to a recent cap on the annual tuition that’s kept random fee hikes under check.

International school tuition usually runs from USD 3,464 to USD 17,455 yearly. University education in Dubai falls somewhere between AED 40,000 to AED 100,000 (USD 10,900-27,333) for a bachelor’s degree and AED 50,000 to AED 120,000 (USD 13,616-32,680) for master’s courses.

Healthcare calling!

Healthcare options in Dubai are primarily split into public and private, both providing ample coverage. However, it is a must for every expat to get private health insurance. The Dubai Health Card allows Emirati free healthcare and presents expats with a 50% discount. Expats under 10 years old are covered for AED 120 (equivalent to USD 32.67), while anyone older than 18 would be covered for AED 320 (equivalent to USD 87.12).

Dubai for outsiders: Is it genuinely budget-friendly?

For those who worry about every penny, Dubai might just slide in as a fitting place to settle in, considering costs are relatively low compared to international standards.

Thinking about relocating to Dubai? Do you want to buy or rent an apartment, Studio, Villa, or a penthouse in Dubai to live in?  Elan Real Estate is ready to assist you. We offer a broad range of services to guide you through the city’s dynamic real estate scene. Our goal is to help you adapt smoothly to Dubai’s high-energy environment. Together with Elan Real Estate, let’s make your journey to this lively city a memorable one!

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