Karachi ranked fourth among cheapest cities globally

KARACHI: Karachi has successfully secured fourth place among ten cheapest cities in the world, according to the global survey conducted by the Economist Intelligence Unit (EIU).

The Economist Intelligence Unit is a British business within The Economist Group providing forecasting and advisory services through research and analysis.

Karachi is the provincial capital of Sindh. Despite terror and target killings in the city, and haphazard security situation, it had still secured the fourth place among ten cheapest cities in the world to live in.

The list of cheapest cities of the world has Alamaty of Kazakhstan on the top. The second cheapest city is Lagos of Nigerian State.

Bangalor secured third place, Chennai sixth, Mumbai 7th and New Delhi 10 have been ranked by EIU among the 10 cheapest cities in the world.

Economic Intelligence Unit (EIU) had conducted the survey for Worldwide Cost of Living which puts Karachi at number four.

According to the survey, Singapore is the most expensive city for the fourth consecutive year followed by Hong Kong, Zurich and Tokyo.

The survey was conducted with New York City being the standard against an index of 100.

South Asian cities were relatively cheaper than the European and East Asian cities. The income levels and standards of living were also relatively lower in these regions.

“Although the Indian subcontinent remains structurally cheap, instability is becoming an increasingly prominent factor in lowering the relative cost of living of a location,” EIU report reads.

The survey is conducted after every two years which compares more than 400 individual prices across 160 products and services.

The world wide survey took into account factors such as costs of housing, food, recreation, public transport, schools and other daily facilities to draw conclusions.