Life tough in Tel Aviv: world鈥檚 costliest city
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Israeli musician Shir Meir lives in a Tel Aviv hostel room with three friends, sharing a kitchen and bathroom with others as they struggle to get by in the world鈥檚 most expensive city.
鈥淲e got to a point of despair鈥 with housing prices, the 22-year-old said. 鈥淭here鈥檚 no normal apartment for young people who are starting their lives in this city.鈥
Meir is among nearly half a million residents of the coastal metropolis who are dealing with skyrocketing living costs.
Israel鈥檚 economic capital is now more expensive than Paris, Singapore, Zurich, Hong Kong and New York, according to the Economist Intelligence Unit.
It climbed the list partly due to the strength of the national currency, the shekel, against the dollar, as well as increases in prices for transport and groceries.
Neighbouring Syria鈥檚 capital Damascus meanwhile was listed the world鈥檚 cheapest city to live in.
Sitting on a bench on a central Tel Aviv shopping street lined with boutiques and gleaming renovated apartments, Janine Vosburgh said she now avoided luxuries like restaurants and cafes.
鈥淲e live in overdraft,鈥 the 70-year-old said, pausing as a passer-by begged her for money.
Vosburgh, who runs the Israel Multiple Sclerosis Society, and said some patients could not afford their drugs.
But the former Manhattan resident told AFP she could not feel at home in any other Israeli city.
鈥淭el Aviv鈥檚 ideas and the freedom and the consideration for everybody regardless of age, gender, religious affiliation ... it suits my way of thinking,鈥 she said.
High cost of living has been a persistent issue in Tel Aviv.
In 2011, a 鈥渢ent revolution鈥 saw young Israelis furious at sharp rises in rents erect shelters on the upmarket Rothschild Boulevard in the heart of the city.
A decade later, the tents are gone but the soaring prices have remained.
鈥淭he protest had a temporary effect,鈥 said Asher Blass, former chief economist at the Bank of Israel.
Tel Aviv鈥檚 ranking this year is primarily due to the strong local currency, he said.
Dollar high
Last month, the shekel reached a 25-year high against the dollar.
As the cost of housing and other basics like groceries has increased, wage growth has been uneven.
鈥淎 lot more needs to be done in opening up competition for goods like agricultural produce鈥 to bring down prices, Blass said.
Rising costs are a windfall for some in Tel Aviv. At Rothschild Real Estate, which caters mostly to foreigners and wealthy Israeli tech workers, co-owner Eyal Furmansky said high-end housing prices rose more than 10 percent in the past year.
鈥淲herever you put your chips, it鈥檚 a good bet,鈥 he said.
Furmansky said his clients were more worried about the strong shekel than the increased cost of daily goods.
鈥淧eople from the UK, from the US, from Europe do feel it鈥檚 harder for them to buy,鈥 he said.
There is 鈥渙nly one Tel Aviv and in this city there are very specific places people want to live,鈥 he added.
For others, the appeal of Tel Aviv and its dizzying prices is starting to wane.
At a central outdoor produce market, student Aimy Schefner said groceries were pricier than in her home city of Haifa.
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