Asia and Europe home to world’s most expensive cities

When in Rome, do as the Romans do – but can you afford to? If you’re travelling abroad, you might have to reconsider your self-catering cottage or a dinner out with the family after seeing where your holiday destination ranks among the world’s most expensive cities to live in.

For the first time in its 30-year history, The Worldwide Cost of Living Survey found that three cities are neck-in-neck for the badge of the most pricey city to live in: Singapore, Paris and Hong Kong.

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Next in the rankings is Zürich in Switzerland. Then, also tying were Geneva and Osaka, followed by Seoul, Copenhagen and New York which all tied. Tel Aviv and Los Angeles tied at the bottom of the top 10.

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Why has this happened? The Economist Intelligence Unit surveys 160 aspects of living, from food costs to home rent prices, in 133 cities in 93 countries. Each city has its own set of reasons for why the cost of living in it has increased or remains high.

For example, Tel Aviv, Israel, has become more pricey to live in because of a strengthening currency, but it has also has high transport costs. On the other hand, Asian cities tend to be the most expensive ones to do general grocery shopping in. In contrast, leisure activities in European cities are expensive.

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Some African countries mentioned in the survey are Morocco, Kenya and Nigeria. Casablanca in Morocco is one of the cities which moved the most spaces in the last year. It moved up 20 spaces to land at 92 in the ranks. Nairobi, the capital of Kenya, moved up 13 places. In contrast, Lagos in Nigeria is the 7th-cheapest city in the world.

However, the researchers caution that it may not always be cheap and cheerful. Lagos is one of the cities which has been facing ‘well- documented economic, political, security and infrastructural challenges’.

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Feature Image: Pete Linforth.

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