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Last update - 06:09 11/06/2009
Tel Aviv 24th most costly city in world to live in
By Dafna Maor, TheMarker
Tags: U.S., Tel Aviv, Middle East 

Tel Aviv ranks as the 24th most expensive city in the world to live in for foreign residents according to the research and consulting firm ECA. It reports that Tel Aviv climbed sharply to the 24th place from the 38th place in 2008. This year some of the world's most expensive cities for foreign residents are to be found in Asia and the Middle East, a harsh consequence of the recession in the United States and Europe.

ECA's survey, which it conducts twice a year, is based on a comparison of the cost of a basket of products and services in 370 cities.

Luanda, the capital of Angola, was found to be the costliest location in the world for resident foreigners, followed by four Japanese cities. Copenhagen, Oslo, Geneva, Zurich and Basel complete the top 10 most expensive locations for foreigners this year.
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Tokyo captured the dubious title of the most expensive city in Asia, among other things because of the strengthening of the yen against other currencies. Beijing, Shanghai, Hong Kong and Singapore were among the most expensive in Asia, ECA found.

The ranking of a few U.S. cities rose sharply as well, as the dollar strengthened. The cost of living for foreign residents in Manhattan soared upward from the 84th place last year to number 17 in the global ranking this year, and Honolulu jumped high, going from 88th to 25th place this year. The greater New York area has fared no better, rising since 2008 from number 101 to the 33rd most expensive place to live in the world.

The fall of the ruble against the dollar, combined with the severe economic crisis blighting Russia, was good news for foreign workers in Moscow, which sank from number 5 to 23rd place in the ranking of costly cities for foreigners.
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