Karachi and Islamabad Ranked Among World's Top Five Most Affordable Cities
Mercer’s 2024 Cost of Living City Ranking survey reveals that Karachi and Islamabad are among the top five most affordable cities globally. The survey, which evaluated 226 cities worldwide, highlighted significant cost differences across various regions, a crucial factor for potential migrants and international workers.
The five most affordable cities are Abuja, ranked 226th, Lagos at 225th, Islamabad at 224th, Bishkek at 223rd, and Karachi at 222nd. The affordability in these cities is primarily due to the depreciation of their currencies.
In contrast, the most expensive cities are Hong Kong, ranking 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 consider factors like inflation, exchange rate fluctuations, and geopolitical volatility, which greatly influence the cost of living in different cities.
In affordable cities like Karachi and Islamabad, lower living costs result from economic factors that keep prices of essential goods and services relatively low. Conversely, cities like Hong Kong and Singapore face high living costs due to steep prices for housing and other necessities.
