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One question: Is Buenos Aires an expensive city to live in? - La Nacion Propiedades
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Una duda: ¿Buenos Aires es una ciudad cara para vivir?
Un estudio reveló un ranking global con las ciudades más accesibles para instalarse y cuáles son más baratas
www.lanacion.com.ar
January 4, 2024
A study revealed a global ranking with the most accessible cities to settle in and which are the cheapest
A study analyzed the cost of living in the city of Buenos Aires
Although the most expensive cities in the world are usually located in the well-known destinations of the United States, Europe and Asia, the most recent global cost of living survey, published by The Economist Intelligence Unit (EIU) , has highlighted a notable change : Latin American cities have experienced a significant increase in their costs of living , altering the world ranking. Despite this, within the region, Buenos Aires is positioned in the last ten places as one of the most accessible cities to reside.
Price momentum in Latin America was boosted by significant foreign investment, especially in Mexico.
This change is attributed, in part, to the slight depreciation of the US dollar against some currencies , since the ranking is based on the conversion of local prices to US dollars as a common currency. Consequently, this conversion reflects the strength or weakness of the local currency compared to the dollar.
In this context, Latin America improved its position in the global ranking partly due to the strength of the local currencies of some of its countries. In fact , cities like Santiago de Querétaro and Aguascalientes in Mexico stand out among the most expensive, registering notable advances in the global ranking.
All cities in the report are compared to a base city: New York which has an index score of 100.
As the report highlights, this rise is explained by the early decision of central banks in much of the South American region to follow the increase in interest rates of the United States Federal Reserve to support their currencies. At the time of the survey, both the Mexican peso and the Costa Rican colón had experienced appreciation against the US dollar . Furthermore, the price boost was boosted by significant foreign investment, especially in Mexico.
In contrast, the city of Buenos Aires has a notably low position in relation not only to other metropolises worldwide, but also to other cities in the region. Occupying position 163, the Argentine capital is just above ten cities , among which are Karachi (Pakistan), Tripoli (Libya), Tehran (Iran) and Damascus (Syria), positioned in places 170, 171, 172 and 173 respectively.
The cities that fell in the ranking
In Asia, weak currencies led to cities like Tokyo falling sharply in the rankings.
This year's cities that experienced a drop in rankings reveal an interesting trend. Despite three US cities making the top ten, the North American region saw, on average, a decline in rankings compared to the previous year , marking its current position as the lowest inflation in the survey.
Among the list of countries that fell the most in the classification are Russia , China and Japan . Specifically, Moscow and St. Petersburg suffered notable declines, falling 105 and 74 places respectively , ranking 142 and 147. Although prices increased significantly in both cities, with increases of 5.9% and 6.6% respectively, due to the suppression of imports and labor shortages, this impact was eclipsed by the depreciation of the ruble by approximately 60% since last year .
Moscow and St. Petersburg suffered notable declines, falling 105 and 74 places, respectively.
In Asia, weakness in the renminbi and yen currencies led four Chinese cities (Nanjing, Wuxi, Dalian and Beijing) and two Japanese cities (Osaka and Tokyo) to fall sharply in the rankings. In addition to a weaker currency, the slow post-pandemic recovery and subdued consumer demand led Chinese cities to slide down the rankings.
The 10 most expensive cities to live in
Singapore is the most expensive city in the world for the ninth time in 11 years.
Singapore and Zurich emerged as the most expensive cities in this year's survey, consolidating their position at the top. Zurich rose from sixth place to share first place with Singapore, relegating New York , which tied with Singapore for the top spot last year, to third place.
In general terms, this year's top ten is made up of two Asian cities (Singapore and Hong Kong), four European cities (Zurich, Geneva, Paris and Copenhagen), three American cities (New York, Los Angeles and San Francisco), and the inclusion of Tel Aviv in Israel.
1- Singapore (Singapore)
2- Zurich (Switzerland)
3- Geneva, Switzerland)
4- New York (USA)
5- Hong Kong (Hong Kong)
6- Los Angeles (USA)
7- Paris France)
8- Copenhagen (Denmark)
9- Tel Aviv (Israel)
10- San Francisco (USA)
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