Daily Real Estate News | Friday, July 11, 2014
In Hong Kong, you might pay $6.64 in U.S. dollars for a cup of coffee, or $6,960 to rent an unfurnished, two-bedroom apartment. Hong Kong landed No. 3 on Mercer’s latest annual Cost of Living Survey. The survey is geared to give those who are working abroad insight into the cost of living and is often used by employers to develop compensation packages for people with international assignments.
To arrive at its list, Mercer researchers analyzed cities in five continents, measuring the comparative cost of more than 200 items in each location, such as housing, food, clothing, transportation, household goods, and entertainment. They used New York as a baseline city to compare against the other cities.
“Despite moderate price increases in most of the European cities, European currencies for the most part slightly strengthened against the U.S. dollar, which pushed most Western European cities up in the ranking,” Nathalie Constantin-Métral, who compiled the survey, told Forbes. A rise in the cost of rentals has also pushed some European cities up in the rankings, particularly Copenhagen, Amsterdam, and Frankfurt, according to the study.
The following are the most expensive cities in the world in 2014, according to Mercer’s survey:
1. Luanda, Angola
2. N’Djamena, Chad
3. Hong Kong, Hong Kong
4. Singapore, Singapore
5. Zurich, Switzerland
6. Geneva, Switzerland
7. Tokyo, Japan
8. Bern, Switzerland
9. Moscow, Russia
10. Shanghai, China
Source: “The Most Expensive Cities in the World,” Forbes.com (July 10, 2014)
Reprinted from REALTOR® Magazine Online, July 2014, with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright July 2014. All rights reserved.