BBC News
Prices in the country are also rising due to the strength of the Israeli currency
Tel Aviv has been called the most expensive city in the world amid global trade flows and rising global prices.
According to an annual study by the Economist Intelligence Unit (EIU), Tel Aviv has surpassed Paris as one of the most expensive cities in the world, ranked fifth in last year's survey.Paris and Singapore are second on the list.
Damascus, the capital of Syria, a war-torn country, remains low on the list as the cheapest city in the world.
The survey compares daily commodity prices and utility costs in $ 173 countries worldwide.
The EIU said that in August and September this year, 173 cities around the world received information on the cost of services in local currency and said the price increase had increased by 3.5%. This is the highest inflation rate in the last five years.
Transportation costs have risen sharply as fuel prices have risen by 21% in the cities surveyed.
Tel Aviv tops the EIU's 'Life Cost' list because Israeli currency, the shekel, is much stronger against the dollar. At least 10% of items, especially daily necessities and food items, included in housing deals, have seen a significant increase in property prices.
According to the study, Tel Aviv is ranked second in terms of alcohol and transportation, ranked fifth in terms of human well-being and sixth in terms of entertainment.
The mayor of Tel Aviv warned in an interview with a national newspaper that real estate prices, not included in the EIU survey, are too expensive in Tel Aviv and are now "about to explode". Is.
Tel Aviv will be more expensive because the whole country is getting more expensive."
He added that the biggest problem in Israel is that people do not have other cities like New York, Chicago, Miami and many other cities in the United States. In the UK, outside of London, there is Manchester, Liverpool. In these countries you can move to other cities where housing costs are less tolerable.
Paris is the second most expensive country in the world in terms of housing costs
Last year, Paris, Zurich and Hong Kong were the first three countries on the list. Zurich and Hong Kong are ranked fourth and fifth, respectively, this year, followed by New York, Geneva, Copenhagen, Los Angeles and Osaka.
Tehran has made the biggest leap in the list, rising from 79th to 29th. US sanctions on Iran have pushed up import prices.
The EIU says the list will continue to fluctuate due to the corona virus.
The report says that many countries are fleeing the corona virus, but the number of patients in the big cities continues to rise sharply, forcing social and commercial activities to be curtailed. This affects the movement of goods, which leads to price instability.
The Corona epidemic has left demand fluctuating and investors and traders hesitant, which not only affects prices but also the value of the currency.
The EIU estimates that prices will rise modestly in the coming months and years as interest rates are gradually rising in many countries due to rising prices.
