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(CNN) – It is the last dream for many: to move to a big city and make a new glamorous life.
But as we all know, metropolitan life comes at a cost, especially if you choose Hong Kong, Paris or Zurich, which are the most expensive cities in the world according to new research.
The changes are especially stark this time, and the report doubles as an assessment of the impact of the Covid-19 pandemic on prices around the world.
Currency fluctuations due to the pandemic, which have included a fall in the US dollar, mean that destinations in Africa, the Americas and Eastern Europe have become less expensive since March, while Western Europe, where the euro has risen in value versus to the dollar, has seen prices rise. The Swiss franc has also risen in value.
The most expensive cities in the world
Singapore has fallen from first to fourth place
Courtesy of the Singapore Tourism Board.
Singapore and Osaka are now in fourth and fifth place respectively, with Tel Aviv tying with Osaka for fifth place. An exodus of foreign workers during the pandemic is behind the fall of Singapore, which saw its population fall for the first time in 17 years, according to the EIU.
The top 10 is completed by Geneva, New York, Copenhagen and Los Angeles.
Sydney is at 15, London at 20 and Nairobi at 77.
Moscow is at 106 and Delhi at 121.
The biggest increase is Tehran, which has risen on the scale from 106 to 79, due to US sanctions affecting supplies. Reykjavik, Rio de Janeiro and Sao Paulo show the biggest price drops. The EIU attributes the ranking of Brazilian cities to “weak currency and rising poverty levels.” Brazil, of course, has suffered greatly during the pandemic.
Damascus in Syria is the city with the lowest cost of living, followed by Tashkent in Uzbekistan, Lusaka in Zambia, Caracas (Venezuela) and Almaty, Kazakhstan.
The last 10 are completed with Karachi (Pakistan), Buenos Aires (Argentina), Algiers (Algeria) and Bangalore and Chennai, in India. The Argentine government has introduced price controls during the pandemic, which could explain Buenos Aires’ position.
Expensive electronics and cheaper clothes
Buenos Aires is almost at the bottom of the list
JUAN MABROMATA / AFP / AFP / Getty Images
It is not just the cities that have changed. The survey found that prices for electronic products have risen globally. Clothes, meanwhile, have fallen, presumably due to the increase in people working from home. Staples remained largely the same price, while personal care products, tobacco and alcohol all increased.
“The Covid-19 pandemic has caused the US dollar to weaken, while the currencies of Western Europe and North Asia have strengthened against it, which in turn has modified the prices of goods and services.” said Upasana Dutt, head of global cost of living at the EIU.
“The pandemic has transformed consumer behavior as closures and trends such as working from home have driven up prices for consumer electronics and home meal kits have replaced restaurant meals for middle class families. “.
As for the future, things are not looking good. The EIU predicts trends will continue, with people prioritizing staples and home entertainment over clothing tastes during 2021.
The most expensive cities in the world to live 2020
1. (tie) Paris, France
1. (tie) Hong Kong
1 (tie) Zurich, Switzerland
4. Singapore
5. (tie) Osaka, Japan
5. (tie) Tel Aviv, Israel
7. Geneva, Switzerland
8. New York City
9. Copenhagen, Denmark
10. Los Angeles
