Living costs rise in the Lebanese capital
London, UK (Pryce Warner International) June 26th, 2012 – Higher accommodation costs, energy rates and food prices have been cited as being the key reasons for Beirut being named as today’s most expensive Middle Eastern city for Expats. This means it has now overtaken the likes of Dubai and Abu Dhabi.
The recent rating, which sees Lebanon’s capital city ranking 67th of 214 cities, has come as something of a surprise. This is due to the city's poor infrastructure, intermittent electricity supply and its unreliable national transport system, that simply demands you make your own personal transport arrangements.
Survey compiler Nathalie Constantin Metral commented on the overall ratings recorded in the Middle East region: “On the whole, most Middle Eastern cities have dropped in the ranking, mainly because price increases on goods and services have been more moderate here than in our benchmark city, New York. Slight decreases in expatriate accommodation costs were also observed in Abu Dhabi and Dubai ... Deploying expatriate employees is becoming an increasingly important aspect of multinational companies’ business strategy, including expansion. But with volatile markets and stunted economic growth in many parts of the world, a keen eye on cost efficiency is essential, including expatriate remuneration packages ... Making sure salaries adequately reflect the difference in cost of living to the employee’s home country is important in order to attract and retain the right talent where companies need them.”
Featured in the recent cost of living survey that accounts for the everyday expenses of people around the globe, Beirut moved up six places on Nathalie Constantin Metral’s annual survey. Inflation, financial instability and global, politically volatile situations such as the Eurozone crisis have also played their part in shaping the surveys ratings.
The findings serve as a stark warning to any first-time expat looking for the right place to position their selves in the world. No matter how beautiful the place, expense levels and their affordability should always influence your decision to move; always seek expert advice when looking to relocate.
By Anthony Standring
Pryce Warner International Group
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