In restaurants, the cheapest glass of wine is rarely less than $10. In an ordinary supermarket, a yogurt goes for at least $1 and a kilo of rice for $3. The scale compares the prices of goods and services in 173 cities, which, in Tel Aviv, registered a 3.5% increase in 2021, the largest rise in five years. The World Cost of Living Index published by The Economist Intelligence Unit, a subsidiary of the British weekly The Economist, declared Tel Aviv the most expensive city in the world for the first time last year, after surpassing Hong Kong, Paris, Zurich, Singapore and Osaka. In the Middle East, only Dubai has more millionaires than Tel Aviv. It is one of the poorest areas of a city in which about 42,400 inhabitants, 10% of its population, have at least $1 million in investible assets, according to a report released last Tuesday by the consulting firm Henley & Partners, based in London. In its small houses, some of which appear abandoned, live a mix of immigrants, Mizrahi Jews originally from the Middle East and North Africa who settled there decades ago, and young couples fleeing gentrification. The neighborhood is called Hatikva Quarter, the Hebrew word for hope. When asked how he can afford the rent hike with reduced prices, he replies: “God help me, everything depends on him.” Sasson Mizrahi, in his hair salon in Tel Aviv's Hatikva neighborhood. Sasson Mizrahi, who has spent 30 of his 56 years of life in the area, says that in 2018 he paid €582 for rent. Here it is difficult for people to make ends meet, and if I raised it again it would be noticed,” explains the owner. “I lowered the price during the coronavirus, and I have not dared to touch it. “In Tel Aviv, in any case, everything is much more expensive.”įive kilometers south, a sign advertises haircuts for about €7 in a tiny barbershop decorated with stickers from Shas, the ultra-Orthodox Sephardic party. We are not millionaires, but we are not middle class either,” she admits, almost blushing while walking her dog. She and her partner earn three times what they pay in rent. She pays 15,000 shekels (about $4,365) for four rooms. She rents an apartment with her partner in one of the 11 towers that make up Park Tsameret, a kind of luxury oasis that once attracted model Bar Refaeli and diamond magnate Beny Steinmetz. Two years ago, Savion Raz moved from northern Israel to the most expensive neighborhood in the most expensive city in the world, Tel Aviv.
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