
teuer
expensive
Having a high price; costing a lot of money.
Wohnen in der Innenstadt ist sehr teuer geworden.
Living in the city center has become very expensive.
expensive
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expensive
Having a high price; costing a lot of money.
Wohnen in der Innenstadt ist sehr teuer geworden.
Living in the city center has become very expensive.

to cost someone dearly
To have serious negative consequences for someone, which do not necessarily have to be financial.
Seine Unachtsamkeit am Steuer kam ihn teuer zu stehen.
His carelessness at the wheel cost him dearly.

dear / precious
Emotionally valuable, loved, or cherished. This meaning is outdated or is used only in elevated or poetic language.
Er schwor einen teuren Eid, seine Familie immer zu beschützen.
He swore a solemn oath to always protect his family.
When 'teuer' (expensive) is declined before a noun, the 'e' before the ending often drops. For example, you say 'ein teures Auto' (an expensive car), not 'ein teueres Auto'.
Sie hat sich ein teures Kleid für die Hochzeit gekauft.
She bought herself an expensive dress for the wedding.
The expression 'jemanden teuer zu stehen kommen' (to cost someone dearly) means that an action has serious negative consequences. The person who bears the consequences is in the dative.
Der kleine Fehler in der Planung kam die Firma teuer zu stehen.
The small mistake in the planning cost the company dearly.
The meaning 'geliebt' (loved) or 'wertvoll' (valuable) is outdated and today is used only in poetic or very solemn language, for example in 'ein teurer Freund' (a dear friend) or 'ein teurer Schwur' (a solemn oath). It is not used this way in everyday language.
In dem alten Brief nannte er sie seine „teure Freundin“.
In the old letter, he called her his 'dear friend'.
nice / dear
Lieb haben is a common personal way to express strong affection. Teuer can also express that someone is emotionally precious and loved, but in this sense it sounds outdated, elevated, or poetic. In everyday language, lieb haben is therefore usually the better choice.

Meine Großmutter ist mir sehr teuer.
My grandmother is very dear to me.
Ich habe meine Großmutter sehr lieb.
I’m very fond of my grandmother.