Dubai's housing costs are among the highest in the world compared to other major cities, according to a new study. UBS recently released the 16th edition of its Price and Earnings Study, which shows the prices, salaries and purchasing power of workers in 71 cities around the world.

Dubai's average rents are among the 16th most expensive in the world, ranking higher than other major cities. <Average rents in Dubai were the 16th most expensive in the world, ranking higher than popular destinations such as Milan in Italy or Brussels in Belgium. The cost of renting a three-room apartment in Dubai, the fourth most expensive level in this category, was $3,240 per month, more than double the cost in Vienna, the capital of Austria ($1,120) or Madrid, the capital of Spain ($1,340). Monthly rents for a two-bedroom apartment in the emirate amounted to $2320 per month, the sixth most expensive level in this category.

Despite the high cost of accommodation in Dubai, it is not the most expensive in the Middle East, as average rents are cheaper in Dubai than in other cities such as Hong Kong, London, New York, Chicago or Doha.

<Rents in many areas of Dubai have fallen recently, and investor demand for real estate has declined, especially for high-end apartments. UBS, a global financial services organization, considers the costs of different types of accommodation in different cities to estimate global housing costs. Overall, rents in New York City are the most expensive in the world, averaging $3890 per month, followed by Hong Kong $2590, London $2360, Chicago $2210 and Luxembourg $2130 per month.

Rents in New York City are the most expensive in the world, averaging $3890 per month, followed by Hong Kong $2590, London $2360, Chicago $2210 and Luxembourg $2130 per month. Among the top ten most expensive cities for housing costs were Doha $2050, Los Angeles $1990, Miami $1970, Oslo $1940 and Taipei $1840.

The UBS study found that the average cost of living is $1840 per month, followed by Hong Kong $2590, London $2360, Chicago $2210 and Luxembourg $2130 per month. <Released every three years since 1971, the UBS study is based on 68,000 data points that reflect the economic events shaping the world since the previous edition in 2012.