Karachi ranks amongst the cheapest cities of world

Karachi ranks amongst the cheapest cities of world

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For the first time three cities, European and Asian, were named the priciest for residents, while the Venezuelan capital was left at the bottom of the ranking, branded the cheapest city to live.

Singapore, Hong Kong and Paris have been named the world’s most expensive cities to visit and live in, according to the latest annual cost of living survey by the Economist Intelligence Unit (EIU).

The 2019 Worldwide Cost of Living survey ranked 133 countries based on the costs of over 150 items consumer items.

The top 10 most expensive cities are mainly from Asia and Europe, with Singapore the only city that has maintained its ranking from the previous year, the report stated.

The cost of living, increased by growing prices for utilities and transport, in Singapore, Hong Kong and Paris was reported to be the highest in the world, according to a new survey.

The cost of utilities and domestic help is what made the US cities an expensive place to live, while Swiss entries — Zurich and Geneva — were reported to have the highest cost of household, personal care, recreation and entertainment expenses.

On the other side of the spectrum, Caracas topped the list of the cheapest locations in the world, following political unrest in the country.

Prices have also dropped in Turkey’s Istanbul, due in part to the decrease in value of Turkish lira.

Central Asia capitals of Tashkent and Almaty followed Damascus in the list of the cheapest locations in the world.

TOP 10 MOST EXPENSIVE CITIES FOR 2019

SINGAPORE

Country: Singapore

Rank: 1

Rank movement: 0

PARIS

Country: France

Rank: 1

Rank movement: 1

HONG KONG

Country: China

Rank: 1

Rank movement: 3

ZURICH

Country: Switzerland

Rank: 4

Rank movement: -2

GENEVA

Country: Switzerland

Rank: 5

Rank movement: 1

OSAKA

Country: Japan

Rank: 5

Rank movement: 6

SEOUL

Country: South Korea

Rank: 7

Rank movement: -1

COPENHAGEN

Country: Denmark

Rank: 7

Rank movement: 1

NEW YORK

Country: US

Rank: 7

Rank movement: 6

TEL AVIV

Country: Israel

Rank: 10

Rank movement: -1

LOS ANGELES

Country: US

Rank: 10

Rank movement: 4

TOP 10 CHEAPEST CITIES FOR 2019

CARACUS

Country: Venezuela

Rank: 133

Rank movement: -1

DAMASCUS

Country: Syria

Rank: 132

Rank movement: 1

TASHKENT

Country: Uzbekistan

Rank: 131

Rank movement: -19

ALMATY

Country: Kazakhstan

Rank: 130

Rank movement: 1

BANGALORE

Country: India

Rank: 129

Rank movement: 0

KARACHI

Country: Pakistan

Rank: 127

Rank movement: 0

LAGOS

Country: Nigeria

Rank: 127

Rank movement: 3

BUENOS AIRES

Country: Argentina

Rank: 125

Rank movement: -48

CHENNAI

Country: India

Rank: 125

Rank movement: 1

NEW DELHI

Country: India

Rank: 123

Rank movement: 1

“We note converging costs in traditionally more expensive cities like Paris, Singapore, Zurich, Geneva, Copenhagen and Hong Kong. It is a testament to globalization and the similarity of tastes and shopping patterns,” says Roxana Slavcheva, editor of the survey

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