Aerial view of Central Park and the skyline of New York City.
New York has surpassed London as the world’s most expensive city to live and work, after Britain’s decision to leave the European Union resulted in a dramatic drop in the Sterling, revealed Xinhua, citing research from Savills.
London has stayed in the top spot for two and a half years, but dropped to third place, as the total live-work accommodation cost per employee in the city fell by 11 percent to US$100,141.
New York, on the other hand, saw accommodation costs increase by two percent to US$114,010, while second place Hong Kong posted a one percent increase in cost to US$100,984.
“For the last two-and-a-half years … London has held top spot, reflecting the strength of its economy and high demand for space from a wide variety of occupiers, but the impact of currency falls post-EU referendum has made London very much more competitive on the world stage,” said Savills.
Tokyo is in fourth place, with accommodation costs jumping 22 percent to US$85,334.
“The swings in world currencies since Britain’s vote to leave the EU have helped to change an already dynamic range of market movements across cities to an extremely varied one. Tokyo saw the biggest increase in dollar terms as rent rises, particularly in prime residential and creative office sectors, where amplified by significant strengthening in the yen,” noted the report.
Trailing behind Tokyo as the world’s most expensive cities are Paris, San Francisco, Singapore, Dubai, Sydney and Los Angeles.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
