Tel Aviv ranked world’s priciest metropolis for the primary time

Tel Aviv is the world’s costliest metropolis to stay in, in accordance with a rating compiled by the Economist Intelligence Unit (EIU).
The Israeli metropolis climbed 5 rungs in comparison with 2020 report, which had Paris, Hong Kong and Zurich tie for first place.
In the 2021 report Paris and Singapore got here joint second, adopted by Zurich and Hong Kong. New York got here in sixth, and Geneva took seventh place.
What has made dwelling prices enhance?
Tel Aviv has climbed within the rankings because of the energy of the Israeli shekel in opposition to the greenback, in addition to will increase in transport and grocery costs.
This yr’s information was collected in August and September, when costs for freight and commodities rose worldwide.
On common, costs rose 3.5% in native forex phrases, which is the quickest recorded inflation fee of the previous 5 years. This common inflation determine doesn’t embody 4 cities with exceptionally excessive charges: Caracas, Damascus, Buenos Aires and Tehran.
Social restrictions because of the coronavirus pandemic have “disrupted the supply of goods, leading to shortages and higher prices,” in accordance with Upasana Dutt of the EIU. She added that the rise in petrol costs has been notably stark.
What different cities have moved within the rankings?
Berlin has dropped eight rungs right down to fiftieth place, making it the most affordable of the six German cities included within the rating. Frankfurt, one of many world’s main monetary facilities, was the most costly German metropolis at nineteenth place.

The largest bounce within the rankings was made by the Iranian capital Tehran, which moved from 79th to twenty ninth place. This change may be defined by US sanctions that induced shortages and value will increase.
Damascus stays the most affordable metropolis on the checklist, reflecting the results of the continued civil conflict in Syria. Second-from-last was Libya’s Tripoli, which has additionally been beset by years of battle.