Mercer’s Cost of Living City Ranking survey for 2024 has revealed that Karachi and Islamabad are among the top five most affordable cities in the world. The survey, which ranked 226 cities globally, showed significant cost variations across different regions, an important consideration for potential migrants and international workers.
According to the survey, the five most affordable cities are Abuja, ranked 226th, followed by Lagos at 225th, Islamabad at 224th, Bishkek at 223rd, and Karachi at 222nd. These cities are notably affordable mainly due to the depreciation of their currencies.
On the other end of the spectrum, the most expensive cities include Hong Kong, which ranks first, followed by Singapore in second place, and Zurich in third. The high cost of living in these cities is driven by expensive housing, transportation, and goods.
The rankings reflect various factors such as inflation, exchange rate fluctuations, and geopolitical volatility, which significantly impact the cost of living in different cities.
For instance, in more affordable cities like Karachi and Islamabad, the lower cost of living can be attributed to economic factors that keep prices of essential goods and services relatively low. Conversely, in cities like Hong Kong and Singapore, the high cost of living is largely due to the high prices of housing and other necessities.
