Anytime you think real estate in Portland or Maine is expensive, think again. According to the latest list presented by CNN-Money, the most expensive city in the world is Moscow - for the second year in a row! Using the cost of living in New York as a base, the Mercer Human Resource Consulting Group has determined Moscow is 34.4 percent more expensive after taking into account the cost of housing, transportation, food, clothing, household goods and entertainment.
“The appreciation of the ruble against the U.S. dollar, combined with ever-increasing accommodation charges, has driven up costs for expatriates in Moscow,” Mercer research manager Nathalie Constantin-Metral said in a statement.
A luxury two-bedroom in Moscow now rents for $4,000 a month; a CD costs $24.83, and an international newspaper, $6.30, according to Mercer. By comparison, a fast food meal with a burger is a steal at $4.80.
London takes the No. 2 spot, up from No. 5 a year ago, thanks to higher rents and a stronger British pound relative to the dollar. Mercer estimates London is 26 percent more expensive than Gotham these days.
Following closely on London’s heels are Seoul and Tokyo - Nos. 3 and 4, respectively - both of which are 22 percent more expensive than New York, while No. 5 Hong Kong is 19 percent more costly.
Among North American cities, New York and Los Angeles are the most expensive and are the only two to rank in the top 50 of the world’s most expensive cities. But both have fallen in their rankings since last year’s survey - New York came in 15th, down from 10th place, while Los Angeles fell to 42nd from 29th place a year ago. San Francisco came in a distant third at No. 54, down 20 places from a year earlier.
Posted by: Michael Sosnowski
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