A new poll sees the Egyptian capital rank as one of the most cost effective in the world.
Cairo is among the cheapest places on the planet to live despite recent price hikes, new figures claim. The Mercer 2014 Cost of Living Survey ranks the capital 153rd out of 211 global cities, up just one place from last year.
The findings are based on the comparative cost of over 200 items in each location, including housing, transportation, food, clothing, household goods, and entertainment. The Middle East's most expensive city is Tel Aviv (18), followed by Beirut (63), Dubai (67), and Abu Dhabi (68). Meanwhile, Saudi Arabia's Jeddah, ranked as the regions best bargain.
The figures come despite recent increases in taxes and decreases in subsidies which have caused the price of electricity, gas, cigarettes and alcohol to sky-rocket in recent weeks.
Surpisingly, Luanda in Angola is the world’s most expensive city for expats for the second year in a row followed by N’Djamena, Chad. European and Asian cities also continue to dominate as the costliest cities with Hong Kong in third place, followed by Singapore. Zurch jumped three places to rank fifth, followed by Geneva in sixth. Tokyo dropped four spots to rank seventh. African, European, and Asian cities were rated most expensive due to currency fluctuations and the impact of inflation on goods and services, according to the study.
Mercer Principal Nathalie Constantin-Métral said: “Interestingly, several cities jumped up the list this year following large increases in both accommodation cost and demand, coupled with strong local currencies. Several cities in the Middle East experienced a jump in the ranking, as they are being pushed up by other locations’ decline, as well as the strong increase for expatriate rental accommodation costs, particularly in Abu Dhabi and Dubai."