Economy

Istanbul drops in rankings on most expensive cities list

Istanbul drops in rankings on most expensive cities list

Paris has - together with Hong Kong and Singapore - been ranked as the world's most expensive city to live in. Asian and European cities dominate the list of 10 cities-compiled by evaluating the cost of 160 items, from beer to utility bills to transportation to rent, in 133 cities worldwide-though two United States cities, priciest for utilities and domestic help, also make the list, reports CNN.

It is curious to note that Copenhagen is the only city in the top ten that has seen the price of a loaf of bread rise: from 3.87 dollars to 4.21.

Last year, Hong Kong and Paris were placed fourth and second respectively, while Singapore remained its position as the most expensive city in the last five years.

The Danish capital, which pegs its currency to the euro, owes its place high on the list to "relatively high transport, recreation and personal care costs", according to the report. "This, combined with a cheap and plentiful supply of goods into cities from rural producers with short supply chains as well as government subsidies on some products, has kept prices down, especially by Western standards", it added. It's partly due to the high salaries there.

Paris revealed as'most expensive city in EU
Revealed: The world’s most expensive cities in 2019

London and Manchester, the two United Kingdom surveys included in the index, fell significantly in 2017 after the country's Brexit referendum, and only ranked higher up in 2018 and 2019 respectively due to other cities scoring lower than in previous years.

"The cost of living in Istanbul, for example, might seem to have decreased, but since household expenses have increased, this has no positive reflection on the daily life of Istanbulites", said Cansiz, director at WRI's Turkey Sustainable Cities programme.

"Converging costs in traditionally more expensive cities.is a testament to globalisation and the similarity of tastes and shopping patterns", she said in a statement. On the flip side, numerous cheapest cities to live in are experiencing some form of political or economic disruption, which means they're less livable and carry a level of risk, per the BBC.

Political turmoil in Venezuela plummeted Caracas to the bottom of the ranking, followed by Damascus, Syria, with Karachi, Pakistan, Buenos Aires, Argentina, and New Delhi, India also featuring among the 10 cheapest cities.

More news: Death toll climbs to 50 Christchurch shooting: Death toll climbs to 50