The Israeli capital, Tel Aviv, is the most expensive city in the world, and the Syrian capital, Damascus, is the cheapest
Prices in the country are also rising due to the strengthening of Israel's currency
Tel Aviv has been named the world's most expensive city amid a global trade frenzy and rising global prices.
According to the Economist Intelligence Unit's (EIU) annual survey, Tel Aviv has overtaken Paris as one of the most expensive cities in the world this year, ranking fifth in last year's survey. Paris and Singapore are second on the list.
Damascus, the capital of the civil war-torn country of Syria, remains at the bottom of the list as the world's cheapest city.
The survey compares daily commodity prices and utility spending in dollars in 173 countries around the world.
The EIU said that in August and September this year, 173 cities around the world had obtained data on the cost of services in local currency and said that the average price had increased by 3.5%. This is the highest inflation rate in the last five years.
Expenditure on transportation was the biggest increase as petrol prices rose by an average of 21% in the cities surveyed.
Tel Aviv tops the EIU's 'Cost of Living' list because Israel's currency, the shekel, has become stronger and stronger against the dollar. At least 10% of the items, especially daily necessities and food items, which are included in the house deals, saw a significant increase in local prices.
According to the survey, Tel Aviv ranks second in terms of alcohol and transport prices, fifth in terms of personal well-being and sixth in terms of leisure facilities.
The mayor of Tel Aviv warned in an interview with a national newspaper that property or house prices, which are not included in the EIU survey, are becoming more expensive in Tel Aviv and are now "about to explode". Is.
"Tel Aviv will get more expensive because the whole country is getting more expensive."
He added that the main problem in Israel is that people do not have alternative cities, such as New York, Chicago, Miami and many other cities in the United States. In the UK, apart from London, there is Manchester, Liverpool. In these countries you can relocate to other cities where housing costs are not so much unbearable.
Paris is the second most expensive country in the world in terms of housing costs
Last year, Paris, Zurich and Hong Kong topped the list. Zurich and Hong Kong are ranked fourth and fifth, respectively, this year, followed by New York, Geneva, Copenhagen, Los Angeles and Osaka.
Tehran has made the biggest leap in the list, rising from 79th to 29th. US sanctions on Iran have pushed up import prices.
The EIU says the list will continue to fluctuate due to the corona virus.
The report says that many countries are fleeing the corona virus, but the number of patients in the big cities continues to rise sharply, forcing social and commercial activities to be curtailed. This affects the movement of goods, which leads to price instability.
The Corona epidemic has left demand fluctuating and investors and traders hesitant, which not only affects prices but also the value of the currency.
The EIU estimates that prices will rise modestly in the coming months and years as interest rates are gradually rising in many countries due to rising prices.