Tel Aviv emerges as world’s priciest city for the first time

02 Dec 2021 CW Team

According to a ranking compiled by the Economist Intelligence Unit (EIU), Tel Aviv is the most expensive city in the world to live in.

In comparison to the 2020 report, which had Paris, Hong Kong, and Zurich tied for first place, Israel climbed five rungs.

Paris and Singapore tied for second place in the report for 2021, followed by Zurich and Hong Kong. New York was ranked sixth, and Geneva was ranked seventh.

The strength of the Israeli shekel against the dollar, as well as increases in transportation and grocery prices, have helped Tel Aviv to rise in the rankings.

The data for this year was gathered in August and September when freight and commodity prices were on the rise around the world.

In local currency terms, prices increased by 3.5% on average, the fastest rate of inflation in the last five years. This average inflation figure excludes Caracas, Damascus, Buenos Aires, and Tehran, which all have exceptionally high rates.

Berlin has dropped eight places to 50th place, making it the most affordable of the six German cities in the ranking. Frankfurt, one of the world's major financial centres, came in 19th place as the most expensive German city.

The Iranian capital of Tehran, which jumped from 79th to 29th place in the rankings, made the biggest leap. This shift can be attributed to US sanctions, which resulted in supply shortages and price increases.

The cheapest city on the list is still Damascus, which reflects the effects of Syria's ongoing civil war. Libya's Tripoli came in second-to-last, having been wracked by conflict for years.

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