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Beirut ranks as world's eighth most expensive city in cost of living.

Summary: A new survey showed Beirut ranks as the world's eighth most expensive city in terms of the high cost of living for expatriates.

BEIRUT: A new survey showed Beirut ranks as the world's eighth most expensive city in terms of the high cost of living for expatriates. According to EuroCost International's 2017 cost-of-living survey for expatriates, Beirut was ranked in the eighth place globally, compared to ninth place in 2016 and 11th place in 2015.

"Beirut had the 19th-highest cost of living in 2009, the 13th-highest in 2010, the 22nd-highest in 2011 and the 14th-highest cost of living in each of 2012, 2013 and 2014. Beirut continued to have the highest cost of living for expatriates in the Middle East since the 2010 survey," it claimed.

The survey attributed the elevated cost of living in Beirut to the high rental rates in the capital.

"The survey compares the cost of living for expatriates in major locations worldwide. It includes rental costs, but it excludes health care and education costs. The rankings are based on prices collected in June 2017 and were updated based on the exchange rates during the month of August," said Lebanon This Week, the economic publication of the Byblos Bank Group.

"The survey shows that the cost of living in Beirut is higher than in New York City, Lausanne and Shanghai, and lower than in Singapore, Seoul and Zurich. Beirut is the only Middle Eastern city among the 15 most expensive cities globally for expatriates," the report said.

It added that four new cities, which are Bangui, the capital city of the Central African Republic (23rd place), Oslo (24th place), Taipei (25th place) and Amsterdam (30th place), joined the top 30 list last year.

"Overall, the rankings of 16 cities increased, reflecting a rise in their cost of living, while the rankings of nine cities declined and those of five cities were unchanged among the 30 most expensive cities in the world. EuroCost International attributed the significant changes in the rankings to exchange rate fluctuations," the report said.

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Publication:The Daily Star (Beirut, Lebanon)
Geographic Code:7LEBA
Date:Feb 8, 2018
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