Beirut Ranked Highest In The Region For Cost Of Living

Anwar Amro

topped the list of the most expensive cities in the region to in, ranking also 57th among 598 cities around the world, according to This Week, an economic research publication of Group.

The cost of living Index, produced by the crowd-sourced global-data base, showed ranked 57, followed by Dubai (262), Doha (288), Abu Dhabi (312), Manama (318), Ajman (336), Amman (338), Riyadh (343), Sharjah (345), Muscat (350), Jeddah (353), and all the way down to Cairo (501), Tunis (507), Algiers (533) and Alexandria (551).

According to the research, the cost of living in is more expensive than living in Jersey city in the , the Gold Coast in , and Breda in the Netherlands.

To Lebanese residents, the statistics do not come as a surprise.

The prices of goods at stores in have increased tremendously, with some products almost doubling in price as the continues to worsen, with the value of the Lebanese lira spiraling down.

During the time between October 17th, 2019, and May 29th, 2020, prices in Lebanon have increased by over 70%.

Imported food that accounts for around 80 percent of ’s food supply and locally produced products are both subject to inflation, though unevenly. In July 2020, the inflation rate exceeded 50% over a period of 30 consecutive days.

Le Commerce du Levant

As the lira continues to sink, Lebanese have lost most of their purchasing power, and poverty and hunger struck the crisis-hit country.

While is reeling under the worst financial crisis since the 1975-90 civil war, Lebanese banks imposed severe controls on cash withdrawals and money transfers, making it even more difficult for depositors to continue living in .

Thus, some bank depositors managed to strategically squeeze out whatever they can from their accounts, resulting in a rise in Lebanon’s real estate sector.

The same research reported that 82,202 transactions took place in 2020 across the country, constituting an increase of 63.3 percent from 50,352 deals in 2019.

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