Tel Aviv ranked No. 7 on the list of most-expensive cities for expats to live in, CNBC reported.
The report, based on ECA International’s 2020 cost-of-living dossier, put Israel in the rankings with a city listed as expensive for expats, following close behind Zurich (No. 5) and London (No. 6).
Tel Aviv was ranked fifth last year, recording a lowering cost of living throughout the coronavirus pandemic.
The report details day-to-day living costs, including groceries, transportation and rent, and compares them with other nations. The rankings include 208 cities in 121 countries, CNBC reported.
Hong Kong was once again the most expensive country for foreign nationals living abroad, followed by Tokyo, New York and Geneva.
“With the euro and the pound rebounding this year, living costs increased for many overseas workers,” CNBC quoted ECA International’s regional director for Asia, Lee Quane, as saying. “These factors also pushed many major European cities up in the rankings, with London now the sixth most-expensive location in the world. Paris went up 10 places to 29th, and Vienna and Munich entered the global top 50.”
Earlier this year, Israel was listed as the second most-expensive country in which to buy a home, according to research performed by Australia-based Compare The Market.
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In Israel, ranked second out of 39 countries listed, houses cost more than $9,780 per square meter, accounting for 26.6% of a household’s disposable annual income.
The research compared average property prices with normal household earnings and disposable income to determine what the cost per square meter would be as a percentage of annual income.
South Korea was No. 1, with cost per square meter at 39.6% of disposable income. Israel was followed by Switzerland (26.5%), Luxembourg (23.7%) and Japan (23.2%).
