Russia’s invasion of Ukraine and the accompanying sanctions placed by many countries meant that Moscow came in 62nd place and St Petersburg landed in 147th.Įurope’s most expensive city is Geneva, Switzerland, which was in third place after Hong Kong and New York City. “Nearly every major Eurozone city saw a drop in the rankings this year as the euro performed worse in the last 12 months than the US dollar and British pound,” Quane explains.Įxternal factors like politics and international conflicts can also play a role. Madrid, Rome and Brussels all fell as well. Paris, which has topped the ECA list in the past, dropped out of the top 30. So, which cities are lower ranked than in previous years? Li Zhihua/China News Service/Getty Images Hong Kong's competitive and cramped housing market contributed to its "most expensive" ranking. “Therefore, the main reason for their rise in the rankings has been the continued strength of the Chinese yuan against other major currencies.” “The majority of the mainland Chinese cities in our rankings have higher rates of inflation than we are used to seeing, but they are still typically lower than elsewhere in Asia,” Quane said in a statement. Lee Quane, ECA’s regional director for Asia, explained the reasoning for mainland China’s growing presence on the index. That would be Colombo, Sri Lanka’s main metropolis, which jumped 23 places from 162 to 149. In that case, Tel Aviv – which is in sixth place – also counts toward Asia’s total and would give it six out of 10 spots.Īsia also claims the honor of being home to the fastest-rising city on the overall list. Some regulators include the Middle East in Asia. It is safe to call Asia the most expensive continent, with five cities – Hong Kong, Tokyo, Shanghai, Guangzhou and Seoul – landing in the top 10. Time Out lists the 'world's best' cities for 2021
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