Forbes released a study last week with the top ten increasingly unaffordable cities. Rio de Janeiro came in a #4, and São Paulo came in at #1.

The article explains that economic growth, a strong real, and a high demand for real estate have led to price increases in Brazil’s major cities. Even though Rio and São Paulo are cheaper than the world’s most expensive cities, the cost of living is increasing more rapidly. They are, however, the most expensive cities in South America.

Despite a healthy growth rate of 5.4% last year, consumer price inflation was 4.5%, which have increased spending by Brazil’s wealthiest inhabitants. A credit upgrade to investment grade has caused an influx of foreign investment, and the real has outperformed the dollar, pound, and euro.

Click here for an in-depth look at the top ten cities from the article.