The World’s 3 Most Expensive Cities in 2023 You May Not Want to Relocate to

The post-pandemic world is different from the pre-pandemic one. Inflation has skyrocketed in almost all parts of the world, and the ‘cost of living’ has increased considerably everywhere. 

However, while all cities and countries have experienced price rises to some extent, they have been more pronounced in the cities mentioned in this article. For the comparison, we have factored in the prices of everyday essentials, rentals, food items, and the average income of the people living in such places.

The World’s 3 Most Expensive Cities in 2023

Hong Kong

The small city of Hong Kong is home to nearly 7 million people. As a result, most Hong Kong residents have to cram into small spaces. 

Real estate prices are some of the highest in the world. Hotels and rentals are expensive. 

Food prices in Hong Kong depend on their type. For instance, the price of local produce is lower than that of fresh, imported products. Also, alcohol is one of the most expensive items in the city. 

On a positive note, the transportation costs are relatively cheaper than in other similar cities in Asia. 

Here is a laydown of the prices of some everyday essentials in Hong Kong:

• 1 KG Tomato – Approx INR 250
• 1 loaf of white bread – Approx INR 190
• 1 cappuccino – Approx INR 415
• Levi’s jeans one pair – Approx INR 6,700
• 1-bedroom apartment in Hong Kong’s city centre – Approx INR 1,84,000
• Basic bills, such as cooling, heating, garbage, water, electricity, etc., for an 85m2 apartment – Approx INR 15,750
• Average monthly salary – Approx INR 2,54,000

New York

New York has witnessed a sharp rise in property prices in recent times. For instance, accommodations became 12 per cent more expensive in 2021. In fact, about two-thirds of the people living in New York live in rented apartments since purchasing apartments is beyond their means. 

Renters in some boroughs spend over 30% of their net monthly income on paying rent. Grocery prices are also considerably higher in New York than in other cities. 

Here is a breakdown of the prices of some everyday essentials in New York:

• 1 KG Tomato – Approx INR 501
• 1 loaf of white bread – Approx INR 330
• 1 cappuccino – Approx INR 425
• Levi’s jeans one pair – Approx INR 5,170
• 1-bedroom apartment in New York’s city centre – Approx INR 2,88,000
• Basic bills, such as cooling, heating, garbage, water, electricity, etc., for an 85m2 apartment – Approx INR 13,546
• Average monthly salary – Approx INR 5,27,500

Geneva

Geneva is one of the most beautiful and populous places in Switzerland. It is considered the country’s financial capital and the presence of multiple international organizations increases the demand for everything, including properties. 

You have to pay high prices for everything, such as food, rent, and transportation. 

Here is a breakdown of the prices of some everyday essentials in Geneva:

• 1 KG Tomato – Approx INR 271
• 1 loaf of white bread – Approx INR 225
• 1 cappuccino – Approx INR 371
• Levi’s jeans one pair – Approx INR 8,700
• 1-bedroom apartment in New York’s city centre – Approx INR 1,76,000
• Basic bills, such as cooling, heating, garbage, water, electricity, etc., for an 85m2 apartment – Approx INR 14,951
• Average monthly salary – Approx INR 5,34,931

Besides Hong Kong, New York, and Geneva, some other cities figured prominently in the list of the most expensive cities in the world, including Tokyo in Japan and London in the United Kingdom. Keep checking this space to find information about the latest trends in real estate across the world.