Karachi ranked world’s fourth cheapest city to live in
PHOTO: FILE
Karachi, the country’s bustling metropolis, stands as the fourth cheapest city in the world to live in, offering an affordable lifestyle amid its vibrant cultural tapestry, according to a reputable and authoritative organisation of economics and statistics.
A survey of 173 cities reveals a world still being pinched by the Covid-19 aftermath, wars in various regions as well as natural disasters, all contributing to a global economic sluggishness, and the living crisis is far from over for many, particularly those who are living in big cities.
According to the annual Worldwide Cost of Living Index report by the Economist Intelligence Unit (EIU), the average cost of living rose by 7.4% this year, with rise in grocery prices the steepest.
The data is based on a survey of 200 daily necessities and services between Aug 14 and Sept 11.
The EIU listed 173 cities with Singapore and Zurich as the most expensive cities in the world to live in.
They are followed by New York and Geneva on second, followed by Hong Kong, Los Angeles, Paris, Tel Aviv, Copenhagen and San Francisco among the top-10.
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On the other hand, it rated the capital of war-devastated Syria as the cheapest city in the world for a fourth consecutive time, followed by Tehran at second, Tripoli third, Karachi fourth and Tashkent fifth.
Other cities on the list are Tunisia, Lusaka, and Ahmedabad.
Karachi’s relatively low cost of living stems from various factors, including “favourable” exchange rates, inexpensive housing options, and accessible transportation.
The report said that groceries, utilities, and clothing are all remarkably affordable, allowing residents to stretch their budgets further.
Despite its affordability, Karachi boasts of a diverse culinary scene, ranging from street food stalls to upscale dining establishments.
The city's cultural attractions, including historical landmarks, vibrant bazaars, and lively festivals, provide ample opportunities for entertainment and exploration.