Published: Tue, March 19, 2019
Markets | By Otis Pena

Paris, Singapore and Hong Kong tie as world's priciest cities

Paris, Singapore and Hong Kong tie as world's priciest cities

The cost of living in Istanbul has fallen sharply over the a year ago, taking the city to 120th place in a list of most expensive cities around the world, down from 44th, according to the Economist Intelligence Unit's (EIU) bi-annual survey of 133 cities released on March 19. Asian and European cities dominate the list of 10 cities-compiled by evaluating the cost of 160 items, from beer to utility bills to transportation to rent, in 133 cities worldwide-though two U.S. cities, priciest for utilities and domestic help, also make the list, reports CNN.

She added: "Even in locations where shopping for groceries may be relatively cheaper, utilities or transportation prices drive up overall cost of living".

Three cities have tied as the world's most expensive in a global cost of living survey.

The ten most expensive cities in the world.

Rising costs in cities are often driven by a vibrant job market attracting skilled workers with high wages, said Anthony Breach, an analyst with the British think tank Centre for Cities - which was not involved in the study.

The City of Angels (LA) was named the 10th most expensive city in the world, along with Israel's Tel Aviv. It's partly due to the high salaries there.

IMAGE The Economist
IMAGE The Economist

The survey observes that these Southeast Asian cities rose in their ranks thanks to their robust economic growth in 2018.

Meanwhile Turkey's Istanbul has become considerably less expensive, dropping 48 places to joint 120th on the list - due in part to the decrease in value of Turkish lira. However, Paris continued to climb up the table, all the way to a joint first place finish alongside Singapore and Hong Kong.

The cost of living in the United Kingdom has also increased.

"It is a testament to globalization and the similarity of tastes and shopping patterns", Slavcheva said.

Unsurprisingly, the cheapest cities to live in were largely made up of those experiencing well-documented political or economic disruption (or both in same cases).

None of the European cities analysed fell in the top five cheapest cities of 2019, which included Caracas in Venezuela, Damascus in Syria, Tashkent in Uzbekistan, Almaty in Kazakhstan, and Bangalore in India.

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