The Qube Exchange

For the second year in a row, Mercer Human Resources Consulting has named Russia’s capital the most expensive city for expatriates to live. The study measures the cost of housing and 199 other living expenses such as food and clothing. Mercer noted that Moscow’s continued dominance was driven by its high rents and favorable exchange rate against the U.S. dollar

London came in second, with 3 Asian cities (Seoul, Tokyo, and Hong Kong) completing the top five. The strength of the Euro pushed 6 European cities into the top ten as U.S. cities slipped (New York was rated the most expensive in the country, but came in 15th overall). Looking for the cheapest places to live? Try Quito in Ecuador (141st), Karachi in Pakistan (142nd), and Asuncion in Paraguay (143rd, last).

A while back we highlighted a report by Citi Private Bank and Knight Frank that focused purely on property rankings. London was crowned most expensive, just ahead of Monaco. Surprisingly, Monaco doesn’t even make Mercer’s top ten. Do the two reports contradict one another? One logical explanation is that everything besides housing in Monaco is a steal…sounds unlikely. A more probable explanation is that Mercer’s study looks at rental rates while Citi/Knight Frank just analyzed property prices and appreciation. With its skyrocketing property prices and reputation as Europe’s favorite tax haven, people go to Monaco to buy…not rent. The two reports may not completely contradict each other after all…

Source: BBC News