UAE announces cost increases for residents in six things for 2024

The increasing cost of living is a major concern for almost half of UAE residents, with personal and family financial worries following closely behind.

The escalating cost of living is a pressing concern for nearly half of the UAE's residents, with financial worries extending beyond personal to encompass family financial stability. As the nation prepares for the challenges of 2024, several factors are set to contribute to increased expenditures.

Foremost among these concerns is the anticipated rise in rental prices across Dubai's prime residential areas. Experts predict hikes of up to 20 percent, fueled by heightened investor interest, a surge in population, and the city's growing allure as a destination for the affluent. Similarly, Abu Dhabi's real estate sector is poised for growth, with residential rents and capital values projected to climb modestly.

Additionally, expatriates sending money abroad will face higher remittance fees, with service charges slated to increase by 15 percent. This adjustment is expected to impact remittance flows to countries like India, Egypt, Pakistan, and the Philippines, among others.

Furthermore, motorists traversing key Dubai thoroughfares will incur heightened expenses with the installation of new Salik toll gates. Moreover, shoppers frequenting Dubai Mall will soon be required to pay for parking as the mall implements a barrier-free paid parking system.

Moreover, gold prices in the UAE are anticipated to maintain their upward trajectory or potentially surge further in 2024. Economic uncertainties and geopolitical tensions are expected to sustain the appeal of precious metals as safe-haven assets.

Lastly, the overall standard of living is likely to be influenced by inflationary pressures, with a projected increase in the consumer price index (CPI) to 3.0 percent. This uptick is attributed to global geopolitical tensions, population growth, and challenges within the supply chain.

As the burgeoning cost of living in the UAE is poised to impact residents across multiple facets of daily life in the upcoming year. From housing and transportation to remittance expenses and consumer goods, higher expenditures are on the horizon, presenting financial challenges for individuals and families alike.

Read also: New UAE-India payment card "Jaywan" explained for residents

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