An Arab city among the worst in the world in terms of housing degradation.. for the third year!

An international report has monitored the catastrophic effects of the exceptional decline, with its numbers and its speed, affecting the main indicators used to measure the quality of life in Lebanon, to conclude that Beirut is in 240th place, i.e. only two degrees before the last, among the “worst” cities for the consequences of an assisted deterioration of comparative data: purchasing power, cost of living and price average of houses in percentage of income, in connection with the continuing collapse of the national currency.

In parallel, the Lebanese capital maintained its leading position among Arab cities included in the survey on the high cost of living, ranking 46th in the world.

The latest data released by Lebanon’s Central Statistics Department showed that the average annual increase in the price inflation index was around 190%, compared to the results documented at the end of last November, bringing the cumulative rate of inflation at about 2000%. , following three years of continuous financial and monetary crises, according to Al-Sharq Al-Awsat newspaper.

The annual rise in the inflation index was the result of all its components which recorded tangible and constant increases, in as food and soft drink prices increased by 171% and account for 20% of the combined index. Transportation prices increased by 182%, with a weighting ratio of 13.1%.

There have been increases record by 235% in the calculation of the cost of housing, which includes the costs of water, domestic gas, electricity and fuel, as well as the unprecedented increase in the cost of health by 172%, while the cost of education has increased, which has jumped by 191%. While the cost of communication has increased by 226%.

It is probable that all expenses will see a further increase in the coming months, linked to the persistence of political differences on constitutional rights, first of all the vacancy for the presidency of the republic, which entered its third month without the appearance of serious signs of the imminent election of a new president. As markets prepare to identify with the demands of the nearly 10-fold increase in the price of the import tax dollar, and projected increases in the costs of all public utilities, acknowledging that educational institutions, hospitals and telecommunications are resorted to prices in new dollars, in everything or in part, for the services they provide.

According to the survey on the indicators recorded in Beirut in the previous two years and expected for the year in course, documented by the statistics site “Nambio”, the results were completely opposite to the equations required for a positive ranking in quality of life. This is because the measurement of quality of life is based on the results of 8 main indicators, half of which require high scores and include purchasing power, security, health care and climate, while the other half require low scores, which include cost of living indicators and the house price-to-income ratio reflecting ability to afford Housing cost, traffic and travel time, and pollution.

As for the independent index measuring the cost of living in the world based on a digital benchmark of 100 and held by New York City, Beirut is expected to regain some balance quest’ year registering a score of 80, having exceeded 20% of the cost of living in the American city in the last year, compared to 60 just before the crisis hit in the fall of 2019.

As a result, the reference price system of the main indices returned to a decline in Beirut of around 20% compared to the levels recorded in New York City during the year in course.

The Lebanese capital got a score of 20.7 in the house rental price index, about 80% in less than the American city’s counterparts, while estimating the prices of materials prime has risen to about 92% compared to New York. The cost of restaurants has almost halved.

As for the interesting comparison, it lies in the purchasing power index, which in Beirut is falling to only 10, or 90% in less than the reference figure.

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