The World's Costliest Cities to Live and Work
BANGALORE: With the advancement in various fields in the world, so is the cost of living considerable increases in many cities.
A study done by Savills plc, a global real estate services provider measures the total costs per employee of renting living and working space on a U.S. dollar basis in 12 world cities.
“Fluctuations in total live/work costs reflect not only the strength of a city’s residential and office markets and occupier taxes and costs, measured at a local level, but also the impact of fluctuating exchange rates on the cost of doing business on a world stage,” revealed Savills.
The Financial capital of India and the only Indian city in the list, Mumbai retains its position as the cheapest city, at $30,000 per person per year, down 21 percent in U.S. dollar terms since 2008.
Read on to find out the most expensive cities in the world for to live and work.
British capital London has overtaken Hong Kong as the most expensive city to rent living and working space. London's overall real estate costs grew in U.S. dollar terms by an annualized rate of 10.6 per cent in the first six months of the year, making it "the world's most expensive city for companies to locate employees."
One of the world’s most popular expat locations, the annual cost per employee in London was put at $1, 20,568. This was largely due to the UK pound’s recent appreciation against the U.S. dollar. Overall, the U.S. dollar cost of residential and commercial accommodation in London has increased by 39 percent since 2008. Despite its climb in the rankings – from 5th to 1st place since 2008 - London is still a way off the live/work accommodation costs record, set by Hong Kong in 2011 at $128,000 a year.
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