Tel Aviv and Jerusalem have climbed up ECA International’s 2022 list of the world’s most expensive cities to live in.
ECA’s cost-of-living rating of 207 cities monitors price increases for rentals, fuel, food, and beverages to assist businesses in preserving the purchasing power of staff deployed on overseas assignments.
According to ECA, Tel Aviv is now the fifth most expensive city in the world, up from the sixth in the previous list, while Jerusalem has jumped from 18th to 15th. ECA also added that Israel has the second most expensive gasoline globally, second only to Hong Kong.
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On another index, the 2021 list of British Economist Intelligence Unit (EIU) Worldwide Cost of Living, Tel Aviv ranked first at the top for the costliest place to live, with Paris and Singapore tying for second.
Global mobility company ECA found Hong Kong again the most expensive city in the world for the third year in a row, followed by New York, which rose to second place from fourth, and Geneva, which remained in third place for the second consecutive year.
In 2021, London moved up to fourth from fifth, while Tokyo slipped to fifth from second. Following Tel Aviv, ranking seventh, came Zurich, with Shanghai, Guangzhou, and Seoul rounding out the top 10. San Francisco, Shenzhen, Singapore, and Beijing preceded Jerusalem, ranked fifteenth.
Ankara, the Turkish capital, was placed 207th, making it the cheapest city in the survey.
ECA mentions Tel Aviv and writes: “The middle eastern tech hub, Tel Aviv (6th), climbs one place in the ranking. Its thriving tech scene, which was turbocharged by the pandemic and the shift towards remote work, became an attractive hotspot for many multinational corporations, drawing in a significant amount of foreign investment. The growth in exports, including of natural gas, and better relations with its neighbours has also contributed to the Israeli shekel appreciating against the US dollar – making it one of the strongest global currencies in the last 10 years, and making Israel increasingly one of the most expensive locations in the world for expats.
Meanwhile, across the Mediterranean Sea, Istanbul, Turkey (203rd) becomes considerably more affordable for expats and tourists compared to its neighbouring countries, after dropping 42 places in the ranking – down from 161st place last year. Ranked in last place, Ankara (207th) is now the cheapest city in the world for expats and tourists, after falling 5 places from 2021. Erdogan’s unorthodox monetary policy of lowering interest rates has not had the desired effect of bringing inflation down, instead sending it soaring to over 60% – but did push down the value of the lira significantly, more than counteracting the impact of price rises.”
The 10 world’s most expensive cities:
1. Hong Kong 2. New York 3. Geneva 4. London 5. Tokyo 6. Tel Aviv 7. Zurich 8. Shanghai 9. Guangzhou 10. Seoul