Kuwait fourth most economical country for renting an apartment
According to a report issued by the Zawya website, Kuwait has secured the second position globally among 12 countries that exempt residents from taxes in 2024, receiving a score of 6.49 out of 10.
The report highlights Kuwait as the fourth most economical country for renting an apartment, with an average cost of around $775 per month. Additionally, Kuwait ranks as the second most affordable country concerning monthly living expenses and public service bills, tied with Brunei. The average net monthly salary in Kuwait is approximately $2,743, reports Al-Rai daily.
Meanwhile, the United Arab Emirates (UAE) is positioned fourth globally as a tax-free haven for expatriates. With an average monthly cost of about 3.59 thousand dirhams, and an average net monthly salary of 13,015 thousand dirhams, the UAE surpasses other tax-exempt countries.
Oman claims the top spot as the most affordable tax-free haven for expatriates, boasting the lowest monthly living costs and ranking third in terms of the cheapest country for monthly utility bills, around 386 dirhams. Following Oman, Kuwait and Bahrain secure second and third places, respectively.
Oman is identified as the most budget-friendly country for buying or renting an apartment, as well as the most affordable country excluding rent. Additionally, it ranks as the third least expensive country for monthly utility bills, with a cost of approximately $103. The average net monthly salary in Oman is around $2,205.
The report emphasizes that the UAE attracts investors and expatriates globally due to factors beyond tax exemptions. These include world-class infrastructure, architectural marvels, modern lifestyles, residential neighborhoods, resorts, beaches, cost of living, and the ease of doing business, all complemented by security and stability.
The UAE, scoring 5.84, is followed by Brunei Darussalam, the Maldives, Qatar, and the Bahamas, as well as Monaco, Cayman Islands, Bermuda, and Vanuatu.
Bahrain, with a score of 6.36 out of 10, is recognized as the second most affordable country for buying an apartment, with an average cost of about $173 per square meter. It ranks fifth in terms of monthly costs and utility bills, with an average net monthly salary of $2,072.
