We’ve always known it was a little pricey. But now it’s official – London has overtaken Hong Kong as the most expensive city on earth to live or run a business.
According to research carried out by Savills, which was reported in The Daily Telegraph, a drop in residential rents and rates plus the weakening currency in Hong Kong meant a slow down in property appreciation there recently. Meanwhile in London, growth of almost 11 per cent in the first six months of the year shows prices are on the up.
Savills put together a clever index and different measurements for its report. Among other things it showed the cost per employee of renting, living and working in 12 of the world’s cities. London has gone from fifth place in 2008 to first in 2014. New York and Paris also make the top five.
Of course, while expensive, London is still a great place to invest in property. So if you're thinking of moving here from overseas, or investing in an aprtment or house here, be sure to visit our overseas customers section. In particular we welcome property investors from the Far East and European property investors.
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