It's official: Moscow is the world's most expensive city - a full 34 per cent
more costly than New York. London comes second out of 143 cities worldwide
in the annual cost of living survey from Mercer, the consultancy - for a
full list of the top
fifty, click here .
But what is it like to live in each of the top and bottom five cities in the
list? Here we give you a round up of how much it costs to rent in each place
as well as plenty of links to articles from The Times, Sunday Times, Times
Online and other great places on the web.
The most expensive:
1. Moscow
- Rent for a luxury two-bed unfurnished flat (per month): £2,057
- International newspaper: £3.24
- Cup of coffee: £3.14
Bursting with oil money, Moscow has come a long way since its Communist days.
Oligarchs snap up exclusive apartments inside the Garden Ring. Now they're splashing
out in Kensington and Chelsea and the
home counties.
Beneath the skin of modern Moscow
lurk the souls of Puskin and Dostoevsky. But beware Moscow's
property market can be murder. If you are tempted to invest in the
city's building boom, read
this essential guide to the market .
2. London
- Rent for a luxury two-bed flat: £2,000
- International newspaper: £1.20
- Cup of coffee: £2
It'll come as no surprise that London is now the second most expensive place
on the planet. Record city bonuses and an influx of billionaires from around
the world have seen the cost of living and property prices rise in the past
few years. The
London housing boom just keeps going and going. The 2012
Olympics has had an effect on house prices in parts of East London . In
other parts of the city even
a parking space can cost £200,000.
3. Seoul
- Rent for a luxury two-bed flat: £1,762
- International newspaper: £1.09
- Cup of coffee: £2
With one of the fastest-growing populations of super-wealthy residents, Seoul
is now the most expensive city in Asia, beating long-time competitor Tokyo. Skyscrapers
are popping up on the city's skyline. For a guide
on what you can do in Seoul click here - or try this Reuters
travel postcard - 48 hours in the city.
4. Tokyo
- Rent for a luxury two-bed flat: £2,110
- International newspaper: £0.66
- Cup of coffee: £2.33
At one time the most expensive city on the planet, the cost of living has not
shrunk so much as been overtaken. Make no mistake: it's still a fiendishly
expensive place to live or visit. Known for great shopping
and fabulous
design, for an earlier generation of investors, it was also know as a
great place to put savings - but
is it still?
5. Hong
Kong
- Rent for a luxury two-bed flat: £3,291
- International newspaper: £1.45
- Cup of coffee: £2.63
The third Asian city in the top five, the change-over to Communism doesn't
seem to have taken the shine off Hong Kong's hustle. It's got mountains
and beaches as well as the skyscrapers . The former colony retains its
wallet-busting reputation with some of the most expensive real estate in the
world. Now property investors from the UK are a growing trend both
in Hong Kong and in China.
Here
Gerard Baker takes a look at Hong Kong’s future .
And the cheapest:
1. Asuncion
- Rent for a luxury two-bed flat: £378
- International newspaper: £1.19
- Cup of coffee: £1.10
Once the colonial centre of South America, Paraguay's
capital has fallen on hard times. Fine architecture is evidence of a
more glorious past, but today the city is the cheapest place to live in the
entire world.
2. Karachi
- Rent for a luxury two-bed flat: £211
- International newspaper: £1.16
Cup of coffee: £1.06
The biggest city in Pakistan, modern Karachi is also the country's largest
port and financial centre. Despite
this apparent wealth, poverty remains a huge problem in the slums , home
to most of the 300,000 immigrants that arrive each year. Sectarian violence
and terrorism continue to be significant threats to prosperity. British
property investors are unsurprisingly thin on the ground. Though some
websites - Propertypakistan.net
and The
Times of India - think that it could be a smart move.
3.Quito
- Rent for a luxury two-bed flat: £489
- International newspaper: £2.57
- Cup of coffee: £1.34
The capital and second most populated city in Ecuador, Quito is also the
second highest capital in the world, and now the third cheapest. Certainly
more popular amongst travellers
than property investors.
4. Montevideo
- Rent for a luxury two-bed flat: £540
- International newspaper: £1.69
- Cup of coffee: £0.74
Life in the capital
of Uruguay is cheap, but the city is also quite safe and enjoys the
highest quality of life in South America. It also boasts impressive beaches,
historic buildings and squares, and a recovering economy.
5.
Buenos Aires
- Rent for a luxury two-bed flat: £720
International newspaper: £2.99
Cup of coffee: £0.91
Argentina's capital, Buenos Aires retains a strong European feel and remains
the country's cultural and financial hub. It's also a major world centre of
pyschoanalysis, and a bargain for tourists. Britons have started investing
in property in Argentina and Buenos
Aires - and modernisation
could be about to change the city forever.
Jersey in the channel islands is extremely expensive - more so than London, but then we have hardly any tax to pay
Peter, St. Helier, Jersey
These figures look odd. According to the list, the cost of living in Dubai and Abu Dhabi has stayed almost static which is absolutely incorrect. Rent increases and food prices are spiralling there. Goodness knows where these people get their figures.
Miriam, Villebois Lavalette, France
Moscow is indeed expensive, excluding transport fare (underground, buses, trams) if compared with the European prices. Clothes in Moscow are much more expensive than in Europeso we like shopping in Europe. And what concerns food and restaurant, it's pretty much the same like London, Nice, NY etc.
Diana, Moscow, Russia
I'm a New Yorker but I lived in Singapore and visited Tokyo and Osaka in the last year. I have to say I think it can be a little skewed. In Singapore I lived in bukit timah and with a roommate spent at total of $US1300/ month, Tokyo was expensive too but a “luxury” place in NY can cost $US5000.
Jabari, the Bronx, United States
These surveys are dodgy.
I paid around £5 per month for average accommodation in a city in East Java (Malang) around 10 years ago. It is now the fourth largest city in Indonesia. I suspect the price hasn't gone up that much since then for the same place.
Paul, Canberra, Australia
I disagree with Matt O'Leary. Moscow IS really expensive even for muscovites. Sure if you can buy clothes in second hand and eat junk-food like McDonalds you can spare some money. But if you wanna live normal life you should earn not less than 5000$
Taisia, Moscow, Russia
seoul is #1
emo, seoul, south korea
yes, times (and many others reporting this article) forgot to tell us that this is a cost of living survey for expatriates! They pay the rent with their company's money, not their own, that's why they select such expensive apartments. This is an interesting survey, only for expats and employers.
Brooke, London,
I live in Quito and bought an international newspaper for US 0,65 yesterday ( Miami Herald ) . I have several expatriates living in modern and fully furnished apartments (2-3 brms) in the best areas paying under US 1000 /month. A cup of coffee costs US 1,50 in the best coffee shop ( Cerrano ) !!
konrad labuschagne, Quito,
Obviously this list is partially based on "hardship" levels too - the real Moscow, Seoul, Tokyo, Osaka and Singapore etc aren't anything like as expensive as that for the millions of regular folks who live there, but expats require/demand a gated condominium with a swimming pool, imported food, and memberships to the American/British clubs and this all comes at a cost. So sadly the list has to be taken with a pinch of salt as it's artificially inflated.
Matt O'Leary, Singapore, Singapore
I strongly disagree. A two-bedroom luxury apartment on the average in Bermuda is about US$5,000 per month.
The Sunday UK times is $11.50
The famous British "Pears Transparent" soap (125 gm) is $5.80.
In comparison, Moscow is a joke. The weather though is beautiful and Bermudians are very friendly people but do not get involved in their politics.
Mwalimu, Hamilton, Bermuda
hey... you can rent a 2 bedroom flat in edinburgh city centre for £595... that's a lot less than in Buenos Aires...!
ray, benken, switzerland
I don't see this as being an accurate survey.
What needs to be taken into account is the average wage, average mortgage/house rental, average fuel costs and average household food bills. A luxury appartment is no indicator.
London is second in this list however, based on the cost of living outlined by myself, its actually more expensive to live in Cardiff.
Justin, Cardiff,
Pittsburgh, USA is the place to be. Beautiful skyline, beautiful rivers, great symphony and ballet company, world class universities (Carnegie Mellon; Univ. of Pittsburgh), lovely architecture, and cheap My four year old 205 square meter (2200 sq feet) house was only 112 thousand pounds
Nick, Pittsburgh, USA
I live on a beach in an english speaking tropical island where there are no licences taxes or problems and no other expats.
The cost to live like a king with wonderful friendly people and safe weather and geography...about thee hundred pounds a month.
A home on the beach less than seven thousand five hundred pounds.
Paradise indeed..
al case, antipuluan,
Mike how long ago have you been in Spain?
Ana, Santander, Spain
Sorry, but Cairo is much cheaper
Rent for a luxury two-bed flat: £100
International newspaper: £0.15
Cup of coffee: £0.15
Tarek Kansowa, Cairo, Egypt
Exactly, Andrew.
This (and it should have been plainly stated) is an index of the cost of living for expats.
Ian Robinson says that you can get a place for half the cost in HK, and completely misses the point. This is the cost a multinational would pay to put up an expat professional. And we both know many of these people get housing allowances worth HK$ 30-100,000 per month. 2 years ago, I lived in W1 for the same cost as a shoebox in Hang Hau! Starbucks and Pacific Coffee are very cheap by most standards here, as you well know.
Richard Wiglater, Hong Kong,
I´m sorry but Spain is much cheaper. (excluding Madrid. Barcelona or Valencia) Any city, for instance
Santander city :
- Rent for a luxury two-bed flat: £425
- International newspaper: £0.5
- Cup of coffee: £0.70
Mike, Miami, USA
In any city in South Africa you can get a FEB for £1, coffee for 50p, rent a 3-bed detached house for £250 pm. And everyone speaks English and the weather is perfect.
It's rubbish though - you'd all hate it; please keep going to the "Lucky Country" instead.
Michael Gooding, Sussex, England
Note from Hong Kong
A standard cup of coffee at Starbucks is HK$16. One Pound sterling at present exchange rates not the 2.63 sterling quoted!! A perfectly acceptable "Luxury" flat (whatever that is!) is available at about half the price quoted.
Been here for 16 years. When I first arrived the place did seem quite expensive compared to London/UK. It is now the complete opposite. This place is generally pretty good value compared to nearly everything on offer in UK (except supermarkets - which are generally a rip off here - Please send us a Sainsbury or a Tesco)
Ian Robinson, Hong Kong, Hong Kong
Yes Flawed !
I just got back from Odessa Ukraine ! Wow One bed apartment for rent with A/C $40 a day. Coffee for about 50pence. Beautyful people and sunshine in the 30 every day.
John, London, UK
Flawed.
in may places in Australia, a good cuppa can be had for one pound, 3 bed house 2 btrooms 400 pounds per month, safe, speak english, great weather...........no wonder we call it the lucky country !
albert, sydney, australia
Bangalore i9n India is cheaper that any of the places you have listed. Coffee £1 in branded coffee shops, less in local places, rent two bedroomed with two bathrooms, only two hundred in town centre. Electricity, water and cable tv cost about twenty five pounds altogether.r
Lyn Malone Venturas, Stroud, , Gloucestershire
Hey, come to Luanda in Angola, only £6.50 for a soggy iceberg lettuce. Luxury two bed flat if such a thing exists here around £4500 per month paid a year up front.
I guess Mercer didn't come to Angola for their survey.
katie, Luanda, Angola
This is definitely flawed, having lived in Switzerland for a year, Zurich is by far more expensive than many of these. An international newspaper can cost over £3.00 and a cup of coffee easily over £2.00. The rent in this city, particularly along the lake will also be astronomical. I also wonder that it is strange that he could not find a cup of coffee that was over £3 in London because they do exist. It seems that only limited research has been done and reading above confirms my opinion.
Rebecca Comley, Tunbridge Wells, Kent
Hmmm, this is hard to believe. Birmingham is more expensive than Oxford, Cambridge or Brighton?!
Jo S, Hertford, UK
Anybody want to guess how they actually came up with these figures?
Coffee in the CHEAPEST city in the WORLD is £1.10 a cup.
Come to Leeds... I'll get you one for 50p!
Jamie, Halifax, West Yorkshire
Mercer's study is fundamentally flawed as it places Glasgow in the top 50 and Edinburgh is nowhere to be seen. Anyone who lives in the Scottish Central Belt will be well aware that property prices and cost of living are far higher in Edinburgh.
C, Scotland,
Seoul is certainly not more expensive than Tokyo and at least half as expensive as living in London. I can't believe this report, having had first hand experience of living in these three cities. In Seoul, where I currently live, I can eat out for less than five pounds, taxi rides are normally a couple of pounds and my 'downtown apartment' is a quarter of what I was paying for my flat in Maida Vale. London I can quite easily conceive as being the most expensive but how Seoul has made it into third place is mind-boggling.
james, Seoul, Korea
Quito may be cheap for tourists but it is not cheap if you are being paid a national wage.
Louisa Lynch, Quito, Ecuador
A cup of coffee in Quito is £1.30? Are you joking? More like 20p!
Hooplaman, York,
The ACC Asian cities listed seem expensive because western criteria are applied. Also, pricing in US dollar/sterling tends to distort (although with the pound at 242 yen, Tokyo prices are pushed downward). Presumably the thrust is comparing ex-pat living costs rather than a brief visit.
But as any Tokyo residing Brit that visits London will tell you, London is vastly more expensive than Tokyo. Take rented housing: Some 500,000 yen a month rent would be a middle ranking Japanese manager's entire monthly salary. The notion of providing the western executive with the same standard of housing as London is what pushes costs through the roof. But with a western family in tow, it seems there is no option as multinationals are loath to hire locally. Presumably they value a nebulous loyalty factor over functionality and cost-effectiveness.
Andrew Milner, Yokohama, Japan