Dubai Officially Expensive

Residents have known it for a while, but now its official; Dubai is one of the most expensive cities in the world. Mercer, the consulting arm of Marsh & McLennan released their annual Worldwide Cost of Living Survey today. The 2006 figures rank Dubai as the 25th most expensive city in the world, a big jump from its humble position of 73rd last year.

Rising rents, caused by an influx of expatriate workers, have been the major factor contributing to the change. However, the large number of residential developments in the pipeline should see prices fall within the next few years.

Moscow replaced Tokyo as the world’s most expensive city.