A staggering rise in commodity prices has been witnessed across the world. Now housing is more expensive than ever. In fact, average prices of goods and services have increased by 7.4 percent over the past year.
The Economist Intelligence Unit (EIU) recently released a report titled "Worldwide Cost of Living in 2023," which shows that this is a significant increase compared to the 2.9 percent average increase over the past five years. There is an increase.
However, not every region has been equally affected by this rising cost. The report examined 173 countries and analyzed the prices of more than 200 goods and services, including groceries, clothing, rent, and travel expenses.
Compared to the global index, some of the world's cities are still relatively affordable. While cities like Singapore and Zurich are considered expensive, some other cities look very cheap in comparison.
In Asia, many cities are considered affordable, with 46 of the 58 cities seeing their rankings drop due to economic recovery. Surprisingly, some cities are much cheaper than their expensive neighbors. These cities offer the same amenities as more expensive cities but at a lower cost.
We spoke to residents and recent travelers to these cities, who find them cheaper than other cities in their regions, according to the EIU report. He explains why some cities seem cheap and how to manage travel expenses.
Lisbon, Portugal
According to the EIU ranking, Lisbon is the most expensive city in Western Europe. In recent years, it has become a hotspot for digital nomads.
Digital nomads are freelancers or remote workers who can obtain a temporary visa to live in a country but continue to work online without the need to physically reside in a local office or institution. In 2022, Lisbon introduced a one- to two-year visa policy for digital nomads, attracting large numbers of them.
According to travel cost website "Expatistan", the city is 56% cheaper than others, making it a preferred destination for digital nomads.
Mercedes-Zack from Aspen Tickets says Lisbon was at the top of her list, and this summer, she finally made it. Accordingly, it is an affordable yet luxurious city, full of beauty, friendship and fun.
She also suggests visiting nearby Barro Alto, where you can observe street art and enjoy sunset views with the locals. You can also take a free stroll through Central Park to admire the Roman ruins.
After enjoying Fado music here, she recommends visiting the budget-friendly "Tasca do Chico," where you can catch live music performances for free, especially on Mondays or Wednesdays when the crowds are less. is
Buenos Aires, Argentina
Despite inflation, high costs and currency devaluation, Buenos Aires ranks 163 out of 173 cities in the annual report.
The US dollar has benefited the most from the devaluation of the Argentine peso, and tourists now prefer to save in dollars.
Travelers can take advantage of the Blue Dollar rate through Western Union.
Author and digital nomad Josephine Remo Funderp says costs are very different now than they were five years ago. She recommends paying in cash instead of using a foreign credit card to cut costs.
According to her, rent and food are cheap and now she plans to stay in Buenos Aires for six months instead of returning to Europe.
The surrounding areas are even cheaper. Travel blogger Alex Trembeth of Career Gapers says he recently stayed in the suburb of San Telmo, an affordable and upscale neighborhood. On Sundays, flea markets open, offering cheap food and places to explore.
Toronto, Canada
While major US cities like New York and Los Angeles are among the top ten most expensive cities, neighboring Canadian cities are still cheap. Toronto is the least expensive of all Canadian cities, ranking 27th.
Toronto is a relatively inexpensive city and is considered safe and family-friendly.
Toronto resident Stephen Ciccarelli says a boat ride on Lake Ontario offers beautiful views. Also worth a visit are the Hockey Hall of Fame and the CN Tower, which provide an even more spectacular view.
Toronto is a green city and is sometimes referred to as the "city within a park".
Resident Natalia Boya says she enjoys getting out of her apartment and walking around. She likes to visit High Park, Trinity Bell Woods, and Toronto Island Park.
Inflation can also be felt here but food is available at different prices. Although there are many restaurants like New York, Natalia notes that inflation is not as severe here.
Tokyo, Japan
Tokyo is still considered a very expensive city in Japan, but it is cheaper than other Asian cities like Singapore and Hong Kong.
Japan is working to improve the value of its yen and address economic challenges to make its cities more accessible to tourists despite inflation.
After the easing of post-Covid restrictions, Japan has become a tourist-friendly destination again.
Tokyo businessman Masa Yamamoto says Tokyo is cheaper than cities like New York, London and Singapore. He believes that the city now offers more attractions and opportunities, helping to keep inflation under control.
Masa advises tourists to explore the city and enjoy the beautiful sights for free. He also mentioned the varieties of fruits and dates available here.
Masa recommends visiting the Mori Art Museum and Tokyo City View, where you can enjoy views of the city and the ocean for a minimal price.
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