Nearly half of residents worry about monthly expenses, survey says — here’s what’s hitting their wallets the hardest
Members of social expat network InterNations have identified Ecuador as not only the cheapest, but also the most popular destination for expats around the world.
Following closely in second and third position are the Central European countries Poland and Czech Republic, which are especially popular among expatriates from the UK and the US.
While the UAE ranks as the 37the most affordable destination for expats, Oman is placed 18th and Bahrain 23rd. Kuwait and Qatar are relatively not so affordable at 45th and 46th positions.
In order to find the cheapest destinations for expats, InterNations asked more than 14,000 expats from almost 200 countries to rate the cost of living in their new home. They rated their daily spending on a scale from one to seven, which is from "very bad" to very good".
Foreigners rated Ecuador, Poland and the Czech Republic as the countries with the lowest cost of living. Ecuador was also ranked first for personal finances for the second year in a row. Not only are the costs of living considered the lowest in the world, but more than a quarter of expats in Ecuador (26 per cent) are completely satisfied with their financial situation, compared to 15 per cent globally.
The countries with the lowest costs of living are mainly located in South America, Central Europe and Asia. The only surprising exception is Saudi Arabia, which ranked ninth after Romania and before Indonesia.
More than three-fourths are generally satisfied with the cost of living in Saudi Arabia, while globally only about half of the expats say the same about their new home.
In fact, 68 per cent of expats in Saudi Arabia are overall satisfied with their financial situation, and 85 per cent feel that their disposable household income is enough or more than enough to get by. Therefore it comes as no surprise that financial reasons are the main motivation for relocating to Saudi Arabia (26 per cent), followed by finding a job on one's own (25 per cent) and being recruited by a local company (10 per cent).
On the other end of the spectrum, expats encountered the highest living costs in Mozambique, Nigeria and Brazil. Mozambique and Nigeria also rank in the top five for the most expensive housing around the world.
Hashim Zein, an American engineer for OLG in Nigeria and the local representative for InterNations, explains: "The neighborhoods where expats live are usually more secure and more premium, thus the costs directly reflect this. Food items typical of Western, South Asian and Far East cuisines, for example, are imported and naturally cost more as they differ somewhat from local tastes".
However, a recent global ranking of most affordable cities had placed Sydney the most low coast city to live in.
According to YouthfulCities, the Toronto-based startup's 2015 report ranks 55 of the world's largest cities on how affordable they are for people 15 to 29 years old, Dubai ranks as the 27th most affordable city in the world.
issacjohn@khaleejtimes.com
Nearly half of residents worry about monthly expenses, survey says — here’s what’s hitting their wallets the hardest
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