New Delhi, Bengaluru, and Chennai are one among the cheapest cities in the world. This clarification came from the Economist Intelligence Unit (EIU) survey. This survey named Singapore as the most expensive city indeed. According to the Cost of Living 2018 worldwide survey, Indian cities, especially, offers the best value for money. Apart from the three cheapest Indians, Karachi added as fourth in the list of the cheapest cities.
Three Cheapest Indian Cities and Top 10 World Cheapest Cities
“India tipped for rapid economic expansion, but in per-head terms, wage and spending growth will remain low. Income inequality means that low wages are the norm, limiting household spending and creating many tiers of pricing as well as strong competition from a range of retail sources,” the report noted.
Moreover, plenty goods supply from rural sources with mini supply chains and government subsidies keeping the prices down. The capital of Syria, Damascus ranked as the cheapest city in the world. Next to Damascus is Caracas – the capital of Venezuela & business center of Kazakhstan and Almaty ranked third respectively.
Additionally, Lagos stabled at #4. The next cities are the Bengaluru, New Delhi, and Chennai becoming three cheapest Indian cities ranked at #5, #10, and #8. Meanwhile, the seventh place was taken by Algiers, Bucharest ranking ninth.
“Although the Indian subcontinent remains structurally cheap, instability is becoming an increasingly prominent factor in lowering the relative cost of living of a location. This means that there is a considerable element of risk in some of the world’s cheapest cities,” it added.
Singapore received back its title as the most expensive city in the world for the fifth year consecutively. Considering the world rankings, Paris ranked at 2, Zurich (3rd), and Hong Kong at 4. Oslo claimed to #5. The list continues as Geneva (6th), Seoul (7th), Copenhagen (8th), Tel Aviv (8th), and Sydney (10th).
The Worldwide Economic Survey Unit will compare more than 400 prices of the individuals across 160 services. These include clothing, food, drink, personal care items, household supplies, utility bills, transport, home rents, domestic help, and recreational costs.