Barcelona and Madrid are among the 100 most expensive cities in the world, according to a report published by the consulting firm Mercer.
This ranking evaluates 227 cities worldwide in terms of cost of living and compares the results with previous years.
The report highlights that Madrid ranks 83rd, while Barcelona ranks 75th.
Both cities have climbed positions with respect to the previous year’s ranking, with Madrid moving up three places and Barcelona seven places.
Despite their position on the list, these two Spanish metropolises continue to be attractive to expatriate workers.
Other cities more expensive than Barcelona and Madrid
The cities that top the list of the most expensive are Hong Kong, Singapore and Zurich.
These cities are characterized by a high cost of living and are considered expensive destinations to live in.
At the opposite extreme are cities such as Havana, Karachi and Islamabad, which are ranked the cheapest in terms of cost of living.
The increase in prices in the cities analyzed is largely due to inflation, which has affected the costs of food and basic products.
In Madrid, sugar has seen an 80% increase in 2022, followed by butter (61%), oil (43%) and the basic basket (27%).
However, the price of fuel has decreased by 8%.
In Barcelona, increases in these products were somewhat more moderate, with increases of 79% in sugar, 45% in butter, 36% in oil and 25% in the basic basket.
As in Madrid, fuel prices in Barcelona have also decreased by 7%.
Price escalation
Despite rising prices, Madrid and Barcelona remain attractive destinations for expatriate workers.
According to Juanvi Martínez, director of Mercer’s Career area, both cities have managed to control the escalation of prices since the beginning of the year, which makes them attractive for work.
The Mercer report also highlights that the crisis between Russia and Ukraine, as well as the emergence of more contagious variants of Covid-19, continue to affect economic growth worldwide.
In addition, aggressive monetary policies and tighter financial conditions are also influencing the global outlook.
At the corporate level, the rise of telecommuting has led many employees to rethink their priorities.
They are also evaluating their work-life balance, which has led to a rethinking of where they can work.
Despite increases in living costs, both Madrid and Barcelona continue to be attractive to expatriate workers.
As well as for tourists and different foreign investors.
