Source: Airbnb/Dubai

Anyone who has visited Dubai knows just how expensive the city is. And those who reside there are well aware of the fact that the cost of living is among the highest in the world.

On Tuesday, Bloomberg released its list of the most expensive cities to rent an Airbnb property ... and Dubai ranked No.1 among Arab countries, and fifth globally. The emirate was followed by Riyadh (No. 11) and Kuwait City (No. 15).

"A combination of high hotel and apartment costs and strong tourism has Airbnb rates in some Middle Eastern cities among the world's priciest," Bloomberg wrote.

Miami is the most expensive city for Airbnb rentals globally

Regionally, Dubai has the most expensive short-term offerings, averaging $185 per night. The city's Airbnb properties more than doubled in two years, according to Arab News.

In 2016, Airbnb and the Department of Tourism and Commerce Marketing (DTCM) signed a memorandum of understanding (MoU) to encourage hosting homes within the emirate.

However, the industry remains regulated.

"Because, it creates a certainty for the host to know that one, it’s legal, and they have clear and simple rules on what they actually need to do to become a host on Airbnb - that’s why we are also seeing the growth in Dubai," said Hadi Moussa, Airbnb's general manager for the Middle East and Africa, according to Arabian Business.

"Currently, we have 6,700 properties across the UAE. So creating that level of regulatory certainty - that’s very important for us," he added.

Airbnb describes Saudi Arabia as an "exciting" market

The international rental platform has its eyes set on Saudi Arabia, describing it as the next "very exciting" emerging market.

Earlier this month, Moussa said the kingdom has great potential in hosting and sharing accommodation services.

"Saudi is a very exciting market because of all the opportunities this country represents; it has all of these big initiatives; Vision 2030 is a huge project and really focuses on increasing the level of tourism," said Moussa, according to Arab News.