London falls, New York climbs up to being the most expensive city in the world

London is reeling. After the Brexit the city has been sinking into a helpless pit, and this latest property study has just cemented it. After enjoying the leading position for two and a half years, as the most expensive city in the world to live and work, London received a rude shock falling two places down to third, passing over the crown to New York. Property broker Savills conducted the study that examined the costs of an employee living in the city in rented house and working in an office. Annual accommodation cost in New York was calculated as $114,010, with a 2% increase from December as well.

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Hong Kong remains number two, and London reached position 3 with annual accommodation cost at $100,141. Tokyo takes the pie for remarkable improvement, at position 4, but witnessing a 22% increase in accommodation costs. The list is followed by Paris, San Francisco, Singapore, Dubai, Sydney and Los Angeles.

[ Via : China ]

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