The most expensive cities for relocation in the world

Tel Aviv and Jerusalem are in this list. Want to know what other cities are in? This article is just for you.

Tel Aviv was ranked 7th, after last years’ rank 6th
Jerusalem was ranked 13th, after last years’ rank 18th
Cities in the EU fell due to the Euro instability

The most expensive

The most expensive city for relocation is Hong Kong, by ECA International ranking of the 20 most expensive cities for relocation in the world. Israel has two representatives in the list: Tel Aviv ranked 7th and Jerusalem ranked 13th, both are better ranked than last years’ ranking.

Tel Aviv

“Tel Aviv’s prosperous technology scene, fueled even more during the COVID-19 epidemic, and the transition to long-distance working, make it an attractive destination for many international corporations. It also attracted a significant foreign investment” as mentioned in the report. Moreover, it was explained that the strengthening of the Shekel against the Dollar helped make this city one of the most expensive cities for relocation.

Ranking Parameters

The ranking was based on the comparison of prices of products and services including clothing, food, leisure and entertainment, restaurants, electricity products and bills, public transportation costs and more, in 207 cities in 120 countries worldwide.

Top Five

Hong Kong is maintaining its position as the most expensive city due to rising prices and the strengthening of its currency. New York and Geneva were ranked 2nd and 3rd, respectively, while London and Tokyo closed out the top five.

Asia and the EU

While many Asian cities rose in the ranking this year, cities in the EU fell in the ranking, amid instability in the Euro. This is how Paris fell from the top 30 cities. Decreases in rankings have also been recorded for cities such as Madrid, Brussels, and Rome.

“Almost every major city in the Eurozone has dropped in the rankings this year after the performances of the Euro were worse than those of the Dollar and the British Pound”, responded Lee Kawana from ECA International. “The Euro’s weakness was mainly due to market expectations that the European Central Bank will raise interest rates at a slower pace than other central banks.”

The cheapest city

The cheapest city for relocation is Ankara, Turkey, while Tehran recorded the cheapest price for 1 liter fuel – US$0.09. On the other hand, Hong Kong has the most expensive price for 1 liter fuel – US$3.04. Tel Aviv was ranked 2nd in fuel costs.

Costs and Prices

Hong Kong was obviously expensive in other parameters that were checked.

For example: 

A cup of coffee costs US$5.21 and one kilo of tomatoes costs US$11.51.

In New York, ranked 2nd, a cup of coffee costs US$5.08 and one kilo of tomatoes costs US$6.55, and one liter of fuel costs US$1.24.

In London, a cup of coffee costs US$4.16 and one kilo of tomatoes costs US$4.58, and one liter of fuel costs US$2.27. Furthermore, rental costs in London soared by 20% and in New York by 12% this year.

List of the 20 most expensive cities for relocation:

CityRanking(This year)Ranking(Last year)
Hong Kong11
New York, USA24
Geneva, Switzerland33
London, UK45
Tokyo, Japan52
Tel Aviv, Israel67
Zurich Switzerland76
Shanghai, China89
Guangzhou, China910
Seol, Korea108
San Francisco, USA1115
Shenzhen, China1212
Singapore1313
Beijing, China1416
Jerusalem, Israel1518
Bern, Switzerland1617
Yokohama, Japan1711
Copenhagen, Denmark1814
Oslo, Norway1919
Taipei, Taiwan2021

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