A number one financial analysis agency has named Tel Aviv as the costliest metropolis on the earth.
The London-based Economist Intelligence Unit launched its “Worldwide Price of Dwelling Report 2021” right this moment. For the primary time ever, the agency named Israel’s largest metropolis, Tel Aviv, as the costliest on the earth. Tel Aviv rose from fifth place final yr, bumping the beforehand most costly metropolis, Paris, to a tie for second with Singapore.
The power of Israel’s forex and costs led to Tel Aviv changing into costlier, in response to the Economist Intelligence Unit.
“Tel Aviv’s rise primarily displays its hovering forex and value will increase for round one-tenth of products within the metropolis, led by groceries and transport, in local-currency phrases,” they stated in a abstract obtained by Al-Monitor. “Property costs … have additionally risen, particularly in residential areas.”
Home costs are certainly skyrocketing all through central Israel, which has made the world exhausting to afford for lower-income Israelis. On forex, the US greenback is currently worth about three shekels. During the last 5 years, the greenback traded at nearer to 4 shekels, in response to the forex web site Xe.
The report highlighted a number of attention-grabbing traits within the Center East and North Africa. Tehran climbed from the 79th most costly metropolis to twenty ninth from 2020 to 2021. The Economist Intelligence Unit attributed the soar to US sanctions on Iran.
“The reimposition of US sanctions on Iran has led to continued shortages of products and rising import costs,” they stated.
The unit additionally named Damascus in Syria and Tripoli in Libya as among the many least expensive cities on the earth.
