London and Beijing are more affordable now than they were a year ago
The reception of the diplomatique and his suite, at the Court of Pekin, by James Gillray, 1793 год. Photo from the website of the National Portrait Gallery in London
A rise in global nationalism, paired with a worldwide drop in oil prices, has brought about significant shifts in the global economy over the past year. As a result of these developments, certain destinations which have long been among the world’s most expensive have recently seen a decrease in their cost of living.
Whether due to international politics, export and import changes or currency swings, cities like London – which recently voted to leave the EU (Brexit vote), have seen their ranking drop dramatically in the Economist Intelligence Unit’s annual Cost of Living Index – BBC reports.
The 2016 Brexit vote, which was in favour of Britain leaving the European Union, had an immediate negative impact on the pound compared to other currencies – so much so that London, long at the top of the cost-of-living index, dropped 18 places in just a year. International tourists have flocked to the country to snag deals on luxury goods and other kinds of shopping; one estimate said foreign spending has surged more than 36% year-by-year.
There are still plenty of ways to live even more affordably – and finding good deals on housing is top of the list.
Many Chinese cities dropped more than 10 places in this year’s rankings, including Beijing which dropped 16 places. While the report didn’t speculate on the causes, sources have attributed the drop to a falling demand for Chinese exports and a decreased value of the yuan against the dollar.
Much like London, being able to live comfortably depends on how far from the city centre you’re willing to live: a one-bedroom apartment in Tongzhou, 22km east of the city centre, can be rented for only USD 320 per month.
Lagos (Nigeria), Mexico-city and Buenos-Aires are also among the cities getting cheaper.