While we people are worried about the expenses and the increasing cost of living, 3 top Indian cities are featured in the cheapest cities list in the world. Yes, according to an Economist Intelligence Unit (EIU) Survey, 3 Indian Cities are among the cheapest cities in the world.
The Worldwide Cost of Living is a biannual Economist Intelligence Unit survey. It compares more than 400 individual prices across 160 products and services around the world. The list includes clothing, food, drink, household supplies and personal care items, private schools, home rents, domestic help, transport, utility bills, and recreational costs.
1. Damascus, Syria
The war-torn city understandably ranks very low due to geopolitical instability. Large parts of the country have been left in ruins by nearly five years of civil war.
2. Caracas, Venezuela
The EIU said that “in Venezuela, the adoption of multiple exchange rates has made pricing Caracas nearly impossible.” It added that “the economic difficulties in Venezuela are highlighted by the impact of these multiple exchange rates. If the cost of living was calculated using the official rate, Caracas would be more than four times more expensive than New York. Conversely, if black market rates applied then it would be almost ten times cheaper than New York.”
3. Almaty, Kazakhstan’s Business Centre
Houses are hard to come by in Almaty but there are plenty of flats which keeps accommodation supply buoyant. And because utilities are usually controlled by a central network, it means you won’t have any choice when your heating is turned off, which keeps costs low.
Lagos is one of the fastest growing cities in the world. It is also one of the most populous urban city and the financial center of Africa. Lagos stands at the fourth position with the cheapest living cost.
5. Bengaluru, India
The city is known as the IT capital of India and is fast becoming more cosmopolitan. However, relative to wages, living arrangements are extremely affordable.
6. Karachi, Pakistan
Food, transportation, and entertainment are relatively cheap in Karachi. Housing is also very cheap, partly because of high crime rates.
The capital city of Algeria is famous for its white buildings but its dense population and slums keep prices down. Food, transport, and housing are all super cheap.
8. Chennai, India
The city has a burgeoning metropolitan area but around 30% of the city’s population live in slums. Chennai stands at the 8th position in the list.
Bucharest is Romania’s capital and the largest city. As well as it is the most important industrial and commercial center of the country. The city stands at the 9th position. The commercial goods and living cost is cheap compared to other cities in the world.
10. New Delhi
It may be the most expensive city to live in India but it actually ranks in the top 10 cheapest places to live in the world due to the cost of food and utilities relative to salaries.
These were the top 10 cheapest cities in the world with 3 Indian cities making to the list. Also according to the report, “India is tipped for rapid economic expansion, but in per-head terms, wage and spending growth will remain low. Also, 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 reason for their cheap prices is because of the cheap supply of goods in the cities from rural producers and government subsidies on some products.
Furthermore, the report added, “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.”
So, these were the cheapest cities to live in the world. Moreover, 3 of Indian cities feature in the list. Also, talking about the most expensive cities, do you want to know about the richest women in the world? Click here to read about the richest women in the world.