It’s official – London is THE most expensive place to live and work in the world after knocking Hong Kong off the top spot. In fact, the UK capital is twice as pricey as Sydney for business to retain staff and a whopping four times more compared to Rio.
I’m surprised it took London so long to be back at the top. Every time I visit London it costs approx $40 for a small sandwich and coke. Even worse – drink refills, in general, are not free. That’s right. Imagine paying $5 PER soft drink in a restaurant. Your bill can reach $20 even before you’ve ordered the food!
Thankfully supermarket food is much cheaper over there, so you can happily survive if you’re willing to curb eating out or restrict it to once a fortnight. The opposite is true in America, eating out is cheap but store food is around 2 or 3 times that of the UK.
But when it comes to property prices, it’s a different world in London altogether!
The average house price in London has now hit £500,000 ($820,000). This week a sale of 18 super-prime apartments by British Land broke the record for the most expensive flats ever sold in Mayfair, at an average of £11.6m each – £210m ($344 million) all together.
The Guardian reports: Estate agent Savills said that in London, rising rents and the strong pound had pushed up the typical cost per individual employee of renting somewhere to live and leasing office space to $120,000 (£73,800) a year.
That puts the UK capital well ahead of other global hubs such as New York and Paris which, aside from Hong Kong, are the only other locations where the combined annual costs of renting residential and office space top $100,000 per employee.
London’s rise to first place in the rankings was blamed in part on its soaring property prices, which have jumped by 18.4% in the past year, according to Savills.