European cities are becoming cheaper to live in, according to data released today.
The numbers from the Economist Intelligence Unit show Paris is no longer the world’s most expensive city.
Osaka, Singapore and Hong Kong jointly hold the top spot with Paris falling to fifth, behind New York.
Nicholas Fitzroy, The EIU’s risk briefing director and editor of the survey said: “The survey shows some striking contrasts, with opposing trends in local currencies, inflation and domestic demand growth, seeing the comparative cost of living falling across Europe, while it rises in North America.”
The report attributes the fall in European cities to weak domestic demand across the Eurozone and low energy prices suppressing inflation.
Other European cities on the list include the Swiss cities of Zurich and Geneva at sixth and tenth respectively.
In contrast, seven European cities were in the top ten a decade ago.
“Similarly, the survey shows that there remains stark structural differences in the cost of living in Asia’s most expensive business hubs, such as Hong Kong and Singapore, and its cheapest, such as Bangalore and Chennai,” Fitzroy added.
Lower cost cities
Syrian capital Damascus came out as the cheapest city in which to live due to the ongoing civil war.
Also featuring in the ten cheapest were the Indian cities of Chennai, Bangalore and New Dehli.
This was down to low wages and high levels of income inequality, despite India’s status as an emerging market.
The survey showed signs of progress in this area because of the five cheapest cities only one, Karachi, is in South Asia.
This is compared to four of the five coming from this region in the survey five years ago.