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The cost of living in Dubai for senior international professionals [3 points to factor in to your financial plan in 2023]


By Sam Instone - February 08, 2023

Are you a senior international professional about to move to Dubai?

Perhaps you have recently arrived to start a new chapter of your career? 

I moved here in 2013.

I planned my move meticulously to ensure I was able to factor new costs into my financial plan. 

This blog is designed to help you make the most of this opportunity.

By looking at three costs of living in Dubai you are almost certain to incur. 

In 2022, American asset management firm Mercer ranked Dubai as the 31st most expensive city in the world to live in.

This is quite a change from position 42 the year before.

The lifestyle and appeal of Dubai can easily diminish your earning potential.

Especially for those living in Dubai without a financial plan (or a plan which isn't set up correctly). 

1. Property

In the 12 months to November 2022, average prices in Dubai increased by 9.5 per cent, with apartment prices up 9 per cent and villas 12.7 per cent.

Average apartment prices stood at Dh1,161 per square foot in November while average villa prices stood at Dh1,374 per square foot.

Palm Jumeirah villas, which have recently set records for the most expensive sale and rental, are the most expensive per square foot in the city.

The price of high-end Dubai properties is forecast to rise 13.5% in 2023, as booming interest from foreign buyers continues to turbocharge the market.

Dubai's safety, privacy, low-tax living and weather are also attractions for wealthy clients seeking high-budget property. 

Read our guide on whether to invest in property or the stock market.

2. Education

The Knowledge and Human Development Authority (KHDA) is the body responsible for growth and quality of private education in the Emirate. Here are some of their key stats about schools in Dubai:

  • 216 private schools, 17 curricula
  • Four new schools opened in 2022/23
  • 326,001 students in Dubai private schools
  • 32,327 Emirati students 
  • 4.5% increase in student enrolment since June 2022
  • 187 student nationalities

UK curriculum schools remain the top choice for Dubai’s private school students, with 36% choosing it. The Indian curriculum is the second most popular (26%), followed by the American curriculum (15%). The International Baccalaureate (7%) and UK/IB hybrid curriculum (4%) round up the top five curriculum choices.

Thinking about your financial plan...

School fees in Dubai have risen significantly over the last 10 years. 

Depending on the level of education; kindergartens (pre-schools), primary, secondary and high schools will vary in terms of fees. 

Average fees can vary hugely. 

Dubai tuition fees

Edarabia, an education site in the Middle East, showcases all private schools in Dubai, enabling you to filter by tuition fees, curriculum, rankings and ratings. 

Admissions for the top international schools in Dubai tend to have waiting lists so it's recommended that parents apply well in advance. 

3. Lifestyle

Travel

Sixty years ago Dubai was little more than a village. It's airport was a single runway on a salt flat.

Fastforward to now and Dubai International Airport is the busiest in the world in terms of international travel. 

Dubai is the perfect place to live if you love to explore the world, but airline fares continue to rise. 

Entertainment

Between them, the best restaurants in Dubai serve virtually every national cuisine from around the world, including many specialising in Dubai’s own Arabic delights.

Dubai does not have its own Michelin Guide, but instead it imports chefs or restaurant chains that have previously been recognised elsewhere by this prestigious publication.

One of my favourites is Zuma Dubai, located in Gate Village, DIFC, where prices average 180 AED (49 USD) for a signature dish.

You may also like to visit Dubai Opera, where tickets range from 95 AED (26 USD) to 390 AED (106 USD), depending on your taste in entertainment.

For those keen to keep up their sporting passions, you are spoiled for choice with golf clubs (Dubai is slowly growing as the new modern epicentre of the golfing world), sailing clubs, polo clubs and many more.

Not to mention, some of the world's leading sporting events take place in the Emirate. 

Finally, I wanted to touch on cars. 

You won't be in Dubai long (the airport car park I dare say), before you see your first supercar. The city is known for them. 

But for those of us looking for something more day-to-day...

The average cost of a Land Rover ranges from 205,000 AED (56,000 USD) to 452,000 AED (123,000 USD). 

For those looking to spend less on such a depreciating asset, according to the data, the most popular car in 2022 in the UAE, was the Mitsubishi Pajero, which has a starting price of around 126,400 AED (35,000 USD).  

(For those who fancy a chrome-plated Rolls Royce Phantom, you can get that too.)

How to make the most of your time in Dubai

Living in Dubai is amazing.

I have no plans to move back home.

Like me, our clients have clear plans in place which puts their life into numbers. 

Taking into account huge life events, like moving countries. 

If you want to make the most of your time in the Emirate financially speaking, you have to be disciplined and commit to investing on a regular basis.

If you need a little help to stay focused on your long-term goals, my team can help.

We come highly recommended.

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