Tel Aviv, Jerusalem Are Even More Expensive In 2022 – Report
Tel Aviv and Jerusalem were ranked 6th and 15th respectively in a 2022 report published by global consultancy firm ECA International on Tuesday that identified and analyzed the world’s most expensive cities.
ECA International calculated and compared the cost of living with respect to food and grocery prices, basic household goods and recreational services, clothing and electrical goods, public transport, and utilities in 207 cities across 120 countries and territories.
Tel Aviv rose to the 6th most expensive city from its 7th place ranking in 2021, and Jerusalem rose from 18th to 15th place over the same time period.
Hong Kong was found to be the world’s top most expensive city just as it was ranked in 2021, followed by New York which was ranked 4th the year prior. Geneva maintained its third place ranking, followed by London which ranked 5th last year. Japan dropped from its 2nd place in 2021 to 5th place this year.
The cheapest city in ECA’s ranking was Ankara, Turkey.
In terms of urban prices for petrol per liter, Tel Aviv ranked second in most expensive gasoline, right behind Hong Kong.
With regard to Tel Aviv, ECA International writes, “The middle eastern tech hub, Tel Aviv (6th), climbs one place in the ranking. Its thriving tech scene, which was turbocharged by the pandemic and the shift towards remote work, became an attractive hotspot for many multinational corporations, drawing in a significant amount of foreign investment. The growth in exports, including of natural gas, and better relations with its neighbors has also contributed to the Israeli shekel appreciating against the US dollar – making it one of the strongest global currencies in the last 10 years, and making Israel increasingly one of the most expensive locations in the world for expats.”