The global financial crisis and EU’s debt crisis still rocks the boat of the globaleconomy. The average living cost is still rising in America, Africa and Asia.
A recent Mercer study outlines world’s most expensive cities in 2012. The research is based on price rates in categories like transportation, clothing, housing, food and entertainment and it included more than 200 cities. One of the most significan discovery of the study is that the top 10 world’s most expensive cities in 2012 differ to some extend with last year’s ranking.
Here are World’s Most Expensive Cities in 2012:
Tokyo, Japan – Japan has a lot of cities in the top 50 this year, including the number one most expensive place, Tokyo. Last year the city took the second position. In addition, it was in the top 5 for the last five years. According to the study, renting costs in the city haven’t increased dramatically. However, those of transportation and food had distinctly risen. The research showed that the number of people who want to live in the Japanese city still increases.
Luanda, Angola – Luanda is known as one of the main oil exporters and producers in Africa and in the world. Moreover, 95% of Angola’s export revenue comes from oil sales. But despite that fact Luanda is no longer occupying the top position in the ranking as it was the case in 2010. If you want to rent a property in the city you would have to pay about $6,500 for 2 bedroom apartment!
Osaka, Japan – The third city in the chart is again located in Japan. The city was steadily climbing the ranking in the past couple of years and it is finally in the top 5. Like other cities in Japan, Osaka is overpopulated. It was estimated that over 1 million people travel on daily basis to their job or school. Because of the large number of the population in the area, the rental prices are quite high. Moreover, the demand for accommodation is also high. As a result, housing is limited and expensive. In addition, the prices of food items have gone up compared to previous years.
Moscow, Russia – Moscow in not only the 4th most expensive city in the world, it is also the most expensive city in Europe. Actually, it holds this title since 2010. Even though the city is known for its pollution, traffic and corruption issues, it remains Russia’s main economic and political hub. Despite the daily power outages, investors are still drawn to the city. If you want to rent a property in Moscow, you would have to pay $200 more than last year. A two-room apartment, for example, would cost you about $4,200 every month. No wonder they call Moscow the “city of billionaires”!
Geneva, Switzerland – Geneva occupies this position in the ranking for 3 years now. What is interesting is that Geneva is the only city in Western Europe in the top 10. Here monthly rent costs have increased with about $300 reaching $4,800. But why is this city so expensive? Well, the main reason is that many important organizations are based there, like the UN, Red Cross and World Trade Organization. That could explain why nearly 45% of the people in the city are foreigners.
Zurich, Switzerland – Like Japan, Switzerland also has two cities in the top 10 this year. Zurich is known as a banking hub. In addition, because of it low taxes many international companies prefer to open their offices and branches in the city. Also, Zurich offers excellent education and it is a very secure place, which makes it attractive for foreigners.
Singapore – During the last few years, many people went to live in one of the biggest financial hubs in Asia, Singapore. As a result, housing and living costs have increased rapidly. If you want to drive around the city in your own car, you would need to buy a pricey permit that would cost you $46,000… at the least. But don’t worry! Despite the fact that living costs in Singapore are expensive, salaries are quite high too. So if you want to live in the city, you would probably have to work there too.
N’Djamena, Chad – In case you don’t know, this is the capital of Chad. In the past couple of years N’Djamena occupied top 5 positions. Now, however, things have changed. Housing prices in the city are very high. That is due to the fact that it is often hard to find a safe accommodation. That is because the city is known for its high violence rates. In addition, many people come in the area to search for available job positions in the oil producing industry.
Hong Kong – This is the only Chinese region in the top 10 this year. Hong Kong has kept its position in the ranking for the last few years. Property renting costs in the city are very pricey. Moreover, they have increased dramatically in the past year. Now you can rent a two-bedroom apartment for $7,100. In comparison, the same apartment would have cost you $1,300 less in 2011. In addition, living cost in Hong Kong is high because of the city’s reputation of a global financial center.
