Dubai residents show confidence in the future of Dubai’s economy despite rises in cost of living and inflation.
Organizers of a Cost of living Survey conducted an opinion survey to gauge the impact of inflation on the growth of the property market as well as on the quality of lifestyle and spending trends of Dubai residents.
The survey gathered opinions from Dubai residents earning annual an annual household per annum AED 200000+, who have lived in the city for the last three years or more and measured how costs of living have changed during this period.
Results show more than two-thirds of Dubai's population is spending up to half their salaries on rental and children's education. Two-thirds of residents spent between a quarter and one half of their income on rent, with most claiming had increased by a quarter over the last three years.
Education costs had also skyrocketed with an increase of up to 50 per cent recorded for two-thirds of the population. Eight out of 10 residents said they spend between 10 to 20 per cent of salaries on groceries while transport costs had not seen significant increases.
Borrowing habits remained strong; the survey indicated Dubai looks to become an increasingly indebted society because of banks aggressively selling loans. The majority of residents said they saved less than 25% of their income. However about two-thirds said they paid less than 10 per cent interest.