Top Ten Most Expensive & Cheapest Cities in the World - Report

For the first time three cities, European and Asian, were named the most pricey for residents, while the Venezuelan capital was left at the bottom of the ranking, branded the cheapest city to live.

The cost of living, increased by growing prices for utilities and transport, in Singapore, Hong Kong and Paris was reported to be the highest in the world, according to a new survey.

Eiffel Tower in Paris, France.

© Sputnik / Irina Kalashnikova

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The full list of the priciest places in the world was completed by the following cities, some sharing a ranking:

1. Singapore

1. Paris

1. Hong Kong

4.  Zurich

5. Geneva

5. Osaka

7. Seoul

7. Copenhagen

7. New York

10. Tel Aviv

10. Los Angeles

The cost of utilities and domestic help is what made the US cities an expensive place to live, while Swiss entries — Zurich and Geneva — were reported to have the highest cost of household, personal care, recreation and entertainment expenses.

On the other side of the spectrum, Caracas topped the list of the cheapest locations in the world, following political unrest in the country.

People walking along an avenue after a power outage in Caracas, Venezuela, Thursday, March 7, 2019. A power outage left much of Venezuela in the dark early Thursday evening in what appeared to be one of the largest blackouts yet in a country where power failures have become increasingly common

© AP Photo / Eduardo Verdugo

Prices have also dropped in Turkey's Istanbul, due in part to the decrease in value of Turkish lira.

View of Istanbul with the Bosporus and the Bosporus Bridge in Turkey. (File)

© AP Photo / Emrah Gurel

Central Asia capitals of Tashkent and Almaty followed Damascus in the list of the cheapest locations in the world.

Tashkent, Uzbekistan

© Photo : Pixabay

Here is the list of top ten inexpensive metropoleis, according to researchers:

1. Caracas

2. Damascus

3. Tashkent

4. Almaty

5. Bangalore

6. Karachi

6. Lagos

8. Buenos Aires

8. Chennai

10. New Delhi

"We note converging costs in traditionally more expensive cities like Paris, Singapore, Zurich, Geneva, Copenhagen and Hong Kong. It is a testament to globalization and the similarity of tastes and shopping patterns," says Roxana Slavcheva, editor of the survey.