The world's least expensive cities
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Palacio de Lopez, the seat of Paraguay's government.( Andres Cristaldo / EPA )
3. Asunción, Paraguay
Asunción is the Spanish word for "assumption," referring to the Assumption of Mary, the belief in which the Virgin Mary was carried into heaven at the end of her life. Founded in 1537, it is one of the oldest cities in South America.
Currency value change since 2008: 23% decrease.
Asunción on Wikitravel