Step aside, Hong Kong: London is now the world's most expensive city
12:28, 25 September 2014
PARIS. KAZINFORM If you're thinking of setting up a business then you might want to avoid London, as it has just become the world's most expensive city for companies to locate employees, according to a report published this week.
The "Live/Work Index Top 12" listing by international real estate adviser Savills puts the UK capital ahead of Hong Kong, which has topped the ranking for the last five years. New York and Paris come in at third and fourth place, while Tokyo sits in fifth position, Relaxnews reports. The index measures the total costs renting residential and office space in 12 of the leading world cities. According to the report, a strong pound means it now costs US$121,000 per year to accommodate staff in London. Hong Kong, meanwhile, boasts residential property prices 40 percent higher than London.