Canada What is the most expensive city in the world in 2021?

10:10  01 december  2021
10:10  01 december  2021 Source:   ouest-france.fr

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The highest-rising city in 2021 was the Iranian city of Tehran, which jumped 50 places from No.79 to No.29 as US sanctions resulted in shortages and higher prices. The Syrian city of Damascus once again ranks as the cheapest city in the world , as its war-torn economy continues to struggle. However, we are also expecting central banks to raise interest rates, cautiously, to stem inflation. So the price increases should start to moderate from this year's level." World 's most expensive cities to live 2021 .

It would be wise to refer to this list of the 25 most expensive cities in the world in 2018. The construction of the Suez Canal in 1869 made this port city easily accessible and easy to travel and live in. The thriving mercantile industries which shine even to this day makes this metropolis one of the more affordable cities for a modern lifestyle with beautiful sea beaches added to its vista.

Vue aérienne de Tel Aviv, le 18 mai 2021. © Gil Cohen-Magen / AFP Aerial view of Tel Aviv, May 18, 2021.

In fifth position last year, the Israeli metropolis has been designated the most expensive city in the world in 2021 by the British magazine The Economist which publishes its annual ranking on Wednesday.

Paris no longer occupies the ranking of the most expensive cities in the world in 2021. Place at the Israeli metropolis, Tel Aviv. "In 5th position last year, Tel Aviv becomes the most expensive city in the world" for the first time, according to the Annual Classification of the British magazine The Economist published on Wednesday. But European and Asian cities always occupy the top of the ranking.

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None of the top 10 most expensive cities were located in the Americas, according to a Mercer report. Beirut also saw significant changes in its cost of living over this past year. In the 2021 rankings, Beirut ranks as the No. 3 most expensive city in the world , rising 42 places from its 2020 spot. It’s meteoric rise is the result of multiple factors – namely, “extensive economic depression” following the pandemic, the 2020 Beirut port explosion that killed upward of 150 people and injured thousands, and overarching financial crisis, according to the Mercer report.

Three European cities (Paris, Zurich, and Geneva) sit atop the most expensive city rankings, compared to seven cities only 10 years ago. Similarly, 31 of the 37 European cities have seen a decrease in cost of living overall—largely as a result of the Euro or local currencies losing value The COVID-19 pandemic is estimated to cost the global economy up to trillion in 2020, so while governments attempt to boost the economy, many are concerned about higher inflation rates spreading across the world . With a recession becoming more likely, uncertainty around real estate prices will


- The Economist (@Theeconomist) November 30, 2021

This position reflects "the vigor of the Israeli currency, the Shekel, facing the dollar, Because the index is based on comparison prices in New York, "says the study.

"After sharing the first place with Zurich and Hong Kong in 2020", Paris recedes to the second position, which it occupies with Singapore in this new edition, notes the study. This emphasizes that the increase in measured prices is the fastest recorded for five years, 3.5%.

"Procurement chain problems have contributed to the rise of prices, COVID-19 and social restrictions still weighing on production and trade around the world," says The Economist.

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According to the Worldwide Cost of Living 2020 report issued by the Economist Intelligence Unit (EIU), Singapore, Hong Kong, and Osaka share the title of costliest city in the world . The list was prepared based on their Worldwide Cost of Living (WCOL) Index scores.

Like much of the world in the past year, this year's ranking of the most expensive cities found the list turned on its head. According to the Mercer Cost of Living Survey 2020 – which included 209 cities across five continents and measures the comparative cost of more than 200 items like housing, transportation, food and more – the most expensive places to live right now All cities are ranked by comparison to New York, and the ‘basket of goods’ that Mercer uses to calculate the cost of living in each city has in the past included American classics like blue jeans, burgers and Heineken beer.

Damascus, the cheapest city

Damascus remains the cheapest city in the world because of a currency that collapses against the dollar and consequently prices in green tickets that plunge, the civil war continuing to decimate the local economy.

The Syrian capital suffered a very strong inflation as Caracas, Buenos Aires and Tehran, the latter having recorded the strongest advance in the rankings, from the 79th to 29th place, the American sanctions causing shortages and price increases.

"In general, the top of the ranking remains dominated by European cities and Asian cities developed while North American and Chinese cities keep relatively moderate prices," says the study.

The cheapest cities - in dollars - are mainly in the Middle East, Africa or in the poorest parts of Asia.

The flight of transport costs

Transport costs flew in the wake of gas prices, notes the study, but tobacco or entertainment also recorded sharp price increases.

"During the coming year, we expect to see the cost of living increase more than in many cities as wages rise in several sectors," says Upasana Dutt, Director of the Study.

"We anticipate, however, that central banks are rates, cautiously, to curb inflation. Price increases should begin to diminish, "she adds.

Published by The Economist Intelligence Unit (EIU), "The Global Cost of Life Index" class 173 cities according to the prices based on a basket of more than 200 products and services.

Tel Aviv, the most expensive city in the world in front of Paris and Singapore .
© Gil Cohen-Magen / AFP aerial view of Tel Aviv, May 18, 2021 (image of illustration). Tel Aviv has supplanted Paris and Singapore as the most expensive city in the world according to an annual study of "The Economist". The study of the British Economic Magazine stresses that supply chain issues have raised prices in many cities.

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