India has four of the cheapest cities in the world

A report by Economist Intelligence Unit (EIU) has listed four Indian cities among the ten cheapest cities in the world to live in. The same report ranked Singapore as the most expensive for the fourth year in a row.

The Indian cities in the list are: Bengaluru (3rd place), Chennai (6th), Mumbai (7th) and New Delhi (10th).

Almaty (Kazakhstan) has been ranked as the cheapest city in the world followed by Lagos (Nigeria). The list also had Karachi (Pakistan, 4th), Algiers (Algeria, 5th), Kiev (Ukraine, 8th), and Bucharest (Romania, 9th).

"Although the Indian subcontinent remains structurally cheap, instability is becoming an increasingly prominent factor in lowering the relative cost of living of a location," EIU said, adding that "this means that there is a considerable element of risk in some of the world's cheapest cities".

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The report also said that while some of the world's most expensive cities can be found in Asia, it also houses many of the world's cheapest cities.

Singapore was listed as world's most expensive city for the fourth year in a row, while Hong Kong remained second, closely followed by Zurich (Switzerland) at the 3rd place.

Other names in the list of 10 most expensive cities include Tokyo (Japan, 4th), Seoul (South Korea, 6th), Geneva (Switzerland, 7th), Paris (France, 8th), New York (9th) and Copenhagen (Denmark, 10th).

The bi-annual survey compares more than 400 individual prices across 160 products and services, including food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational costs.

(Image source: Realty Fact)