In Abu Dhabi, the $40,000 annual budget would rent a two-bedroom apartment of up to 1,400 square feet at the Raha Beach neighbourhood or a two-to-three-bedroom apartment on Reem Island. Kamran Jebreili / AP Photo
In Abu Dhabi, the $40,000 annual budget would rent a two-bedroom apartment of up to 1,400 square feet at the Raha Beach neighbourhood or a two-to-three-bedroom apartment on Reem Island. Kamran Jebreil

Global housing rent comparison: what $40,000 a year gets you in top cities around the world



The National had a look at what US$40,000 (Dh146,916) a year would get you in terms of renting an flat in major cities.

Zurich in Switzerland came out as the city in which you could end up in the smallest flat – with a 807-square-foot historic flat close to the Zurcher Bahnhofstrasse taking up your annual budget.

In London, your money could get you a 850 sq ft flat in a secondary prime area such as Bayswater, Earls Court, Hampstead Heath, Notting Hill, Marylebone, Regent’s Park, Pimlico, South Kensington or St John’s Wood.

In the United States, a budget of $3,333 a month would get you a one-bedroom flat in Manhattan or prime areas in San Francisco.

In Paris, you could rent a 1,000 sq ft flat on the Rue Du Pont Aux Choux in the city’s Third Arrondissement.

In Dubai, Abu Dhabi and Doha, Dh146,916 could get you a two-bedroom flat.

In Abu Dhabi, you could get a two-bedroom flat of up to 1,400 sq ft in the Raha Beach neighbourhood or a two or three bedroom flat on Reem Island – although it would also pay for a much larger flat or villa in cheaper locations such as Khalifa City A.

At the other end of the scale, Cape Town was where $40,000 a year would get you the most for your money, renting a 3,000 sq ft house in areas such as Bakoven, Bantry Bay, Camps Bay, Clifton, Fresnaye, Green Point, Mouille Point, Hout Bay, Waterfront, and City Bowl.

So, why is it that, despite their small population sizes, GCC cities are relatively expensive to rent?

Analysts pointed to the fact that cities in the region typically have a large number of expatriates who are often in receipt of generous housing allowances, which pushes up the prices of the most desirable properties.

“In terms of the rental costs, my view would be that as a proportion of population, the expat and corporate relocation market would be larger in Dubai, Abu Dhabi and Doha than in cities such as New York and London,” said Kate Everett Allen, a partner in international residential research at Knight Frank.

However, analysts also said that this sort of snapshot of properties available in various world cities was not a definitive study, and property rents within each city vary greatly depending on location and condition of each property as well as the amenities available.

Secondly, the type of housing stock also makes a difference to the size of flats available within each price band. This means our budget may well rent a much smaller flat in Zurich than other major world cities because the city’s housing stock is typically older and smaller.

Currency fluctuations may also play a part, with the value of sterling down nearly 20 per cent against the US dollar since the Brexit vote and the Swiss franc holding strong against most other currencies.

Arlene Jimenea, a senior research analyst at CBRE Middle East, said there was a variety of properties on offer within the same price bands.

“For roughly Dh147,000, tenants could get a two-bedroom flat in central locations in Abu Dhabi, including newly completed developments in investment zones [eg: Reem Island and Al Raha Beach],” she said.

However, residents willing to go out to locations such as Khalifa City or Mohammed Bin Zayed City, could get a three-bedroom flat for the same amount.

“In Doha, residents willing to pay $40,000 a year could likely get a two-bedroom flat in prime locations such as the Pearl Qatar, West Bay and Diplomatic Areas,” she said.

“But for the same price, housing options expand to include relatively larger units in communities on the periphery of the city.”

lbarnard@thenational.ae

Follow The National's Business section on Twitter

U19 WORLD CUP, WEST INDIES

UAE group fixtures (all in St Kitts)

  • Saturday 15 January: UAE beat Canada by 49 runs
  • Thursday 20 January: v England
  • Saturday 22 January: v Bangladesh

UAE squad:

Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles
Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly,
Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya
Shetty, Kai Smith

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

The story in numbers

18

This is how many recognised sects Lebanon is home to, along with about four million citizens

450,000

More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps

1.5 million

There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m

73

The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association

18,000

The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme

77,400

The number of people believed to be affected by the current nationality law, according to the 2009 UN study

4,926

This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee

RECORD BREAKER

Youngest debutant for Barcelona: 15 years and 290 days v Real Betis
Youngest La Liga starter in the 21st century: 16 years and 38 days v Cadiz
Youngest player to register an assist in La Liga in the 21st century: 16 years and 45 days v Villarreal
Youngest debutant for Spain: 16 years and 57 days v Georgia
Youngest goalscorer for Spain: 16 years and 57 days
Youngest player to score in a Euro qualifier: 16 years and 57 days

ENGLAND SQUAD

Goalkeepers Pickford (Everton), Pope (Burnley), Henderson (Manchester United)

Defenders Alexander-Arnold (Liverpool), Chilwell (Chelsea), Coady (Wolves), Dier (Tottenham), Gomez (Liverpool), James (Chelsea), Keane (Everton), Maguire (Manchester United), Maitland-Niles (Arsenal), Mings (Aston Villa), Saka (Arsenal), Trippier (Atletico Madrid), Walker (Manchester City)

Midfielders: Foden (Manchester City), Henderson (Liverpool), Grealish (Aston Villa), Mount (Chelsea), Rice (West Ham), Ward-Prowse (Southampton), Winks (Tottenham)

Forwards: Abraham (Chelsea), Calvert-Lewin (Everton), Kane (Tottenham), Rashford (Manchester United), Sancho (Borussia Dortmund), Sterling (Manchester City)

Scoreline

Al Wasl 1 (Caio Canedo 90+1')

Al Ain 2 (Ismail Ahmed 3', Marcus Berg 50')

Red cards: Ismail Ahmed (Al Ain) 77'

Naga

Director: Meshal Al Jaser

Starring: Adwa Bader, Yazeed Almajyul, Khalid Bin Shaddad

Rating: 4/5

Dubai World Cup factbox

Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)

Most wins by a jockey: Jerry Bailey(4)

Most wins by an owner: Godolphin(9)

Most wins by a horse: Godolphin’s Thunder Snow(2)

Latest
Most Read
Top Videos

On The Money

Make money work for you with news, features and expert analysis

      By signing up, I agree to The National's privacy policy
      On The Money