London most expensive city in the world, says Savills
September 25, 2014 - London
London has overtaken Hong Kong as the most expensive city to live and work in, according to a survey by Savills.
The estate agent ranks London twice as expensive as Sydney, and four times more pricey than Rio de Janerio.
London was ranked fifth in 2008 surged to the top as a result of booming property prices and currency fluctuations.
“I don’t think it’s desirable necessarily to be the most expensive city to occupy, but on the other hand, you probably wouldn’t be the most expensive city if you weren’t also the most desirable,” said Yolande Barnes, director of world research at Savills.
There are many reports ranking the world’s most expensive cities. The Savills report includes costs associated with renting and occupying residential and commercial space, but not food, travel and other expenses.
In contrast, a report published earlier this year by the Economist Intelligence Unit, which compared more than 400 individual prices across 160 products and services in 140 cities, showed Singapore overtaking Tokyo as the world’s most expensive city. London was ranked 15th.
Elsewhere, New York, Paris and Tokyo made up the rest of the top five, with emerging market centres such as Moscow, Dubai, Shanghai and Mumbai each making the top 12.
The Savills index measures the total costs per employee of renting, living and working space on a US dollar basis in 12 world cities.
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