Tel Aviv is the costliest city in the Middle East when rent is excluded as an expense, according to the latest UBS Prices and Earnings study.
According to the Israeli business journal Globes, the study lists Dubai as the most expensive city in the region due to the high cost of rent in the Persian Gulf metropolis. It has the world’s fourth highest rent, “with an average unfurnished three-room apartment [going] for $3,240 a month with only London ($3,350), Hong Kong ($4,220), and New York ($4,320) more expensive,” the paper reports.
But when rent is excluded from the comparison of wages, prices and purchasing power in 71 cities, it is Tel Aviv that takes the lead for the region as the most expensive city to live in.
Luckily, Tel Aviv also boasts the highest pre-tax incomes in the region.
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