Tel Aviv Is World's Priciest City, Outranks Paris In New Report

The Israeli city has overtaken Paris, which is now tied with Singapore as the second most expensive

TEL AVIV: Residents of Israel’s seaside metropolis Tel Aviv have for years complained of how expensive it is, with living costs taking a chunk out of their paychecks.

Now, a new report affirms their quibbles. Tel Aviv has emerged as the most expensive city to live in, according to the Economist Intelligence Unit, a research group linked to the Economist magazine. The city, which was previously ranked fifth most expensive, has now surpassed other pricy places like Paris and Singapore.

Economists attribute the jump to a strong appreciation of the shekel against the dollar. In its report on Wednesday, the Economist Intelligence Unit also pointed to a rise in grocery and transport costs. The report did not include housing prices — another common complaint among young professionals and families trying to live in the bustling city.