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In a study conducted by the Economic Intelligence Unit, Singapore and Zurich emerged as the most expensive cities
January 30, 2024 | Deepa Natarajan Lobo | | Brokerage
The starry lights of these bustling cities beckon tourists and immigrants from across the world. Metropolises like Singapore, Paris and Los Angeles are not only some of the most popular cities in the world but also the most expensive as per the annual Worldwide Cost of Living Index that was published by the Economist Intelligence Unit recently.
Conducted from August to September in 2023, the survey analysed around 400 prices of more than 200 products and services across 173 cities. While the coveted top spot was shared by Singapore and Zurich, other cities like New York, Tel Aviv and Copenhagen too made it to the top ten.
REM TIMES take a detailed look at some of the most expensive cities in the world –
Over the last 11 years, Singapore, despite being a tiny island nation/city, has emerged as the world’s most expensive city nine times! With sparse land spanning across 733.1 square kilometres and a dense population of 5,453,600, property is a priced commodity in the country. Add to these factors like the world’s highest transport prices and the most expensive clothing, groceries and alcohol, and it’s surely easy to see why Singapore is the world’s most expensive city/nation.
The strong value of the Swiss Franc and the high value of groceries and housing make these snow-capped cities of Switzerland highly sought-after. Moreover, the excellent policies of the nation that include a robust healthcare system and an education system and social services par excellence attract tourists and immigrants from all across the world to these cities.
One of the most populous cities in the United States, New York is home to the largest multi-national conglomerates and offers attractive job opportunities with high salaries. Also a booming economy with a vibrant cultural scene, ‘The City That Never Sleeps’ has a high demand for housing leading to soaring real estate costs.
Unlike its vast neighbouring nation China, Hong Kong, like Singapore, is a small nation where land is scarce. With more than seven million residents spread across 1,106 square kilometres, the financial hub has high property rates with a majority of the off-plan land under the control of the government, which in turn offers land to developers behind the scenes via tenders.
This coastal city is known for its state-of-the-art infrastructure, high quality of life and moderate weather. Home to the Hollywood entertainment industry thereby making it one of the most famous cities in the world, Los Angeles has a high demand for housing, with rising goods, services and transportation costs.
Inflation went up by over 5% and housing prices rose by nearly 20% in Israel in 2022. Moreover, the salary of an average worker in Israel was less than those in 64% of OECD countries in 2021. Add to this the appreciating Israeli currency new shekel against the US dollar and the local costs have soared up thereby increasing the cost of living in the nation by a large margin.
Paris is known to be home to thousands of HNW individuals thereby being a haven for luxury retailers and developers with products and properties being priced extremely high. While laws limit in the height of buildings leading to a housing shortage, the historic sites in the city coupled with its thriving cultural and recreational scene make it a hotspot among travellers and immigrants.
Denmark has been witnessing inflation in groceries and clothing with the taxes being on the higher side. However, the country is also known for its smooth operations in every sector, which raises its costs, good quality of living and high paying jobs. All these features when coupled together make the country, including the city of Copenhagen, an expensive place to reside in.
A city that spans across a mere 121 square kilometres and restricted by water on three sides, San Francisco offers limited property, which increases the cost of housing. With the Southern Bay Area being home to the Silicon Valley, the tech capital of the world, San Francisco boasts of several job opportunities along with an extremely high standard of living.
