If you are pondering on the next best place to buy your newest property, here’s some data that will help you put things into perspective: A leading human resources consultancy firm, Mercer HR, based in the UK, compiled a worldwide annual cost of living survey in March. The survey included the world’s major cities using New York City, the most expensive US city, as the benchmark. Factoring in Governments and multinational companies(looking at expatriates’ expenses) with global costs of living such as: rent, transportation, clothing, household goods, entertainment, food, as well as daily must-haves such as coffee and fast-food hamburger; the results were: Moscow sitting tight as the world’s most expensive city, becoming 34.4% more expensive than last year. Followed by London who moved up from #5 to #2, due to property rental prices, also making London about 26% more expensive than New York who has placed #15. Next to London, capping off the top 5 most expensive cities were Asian capitals: Seoul, Tokyo and Hong Kong.
As far as property trends, Tokyo was the costliest city to rent an apartment, but Indian cities like Mumbai are moving up the ranks with rising property prices. A piece of advice, don’t take your eyes off of Asia but pay close attention to India!
Via Nubricks