

According to the Savills latest Live/Work Index, London is the most expensive city to live and work in the world.The index reveals that the cost of accommodating an employee in London is more than double that of Sydney, Los Angeles or Chicago.

The study measures the combined cost of residential and office rental per person per year across leading world class cities.

The average total cost of accommodation per worker, per year in the 20 cities measured is US$56,855, a combination of established world cities and their dynamic up and coming rivals, dubbed “upstarts” by Savills. This ranges from US$16,500 in Rio de Janeiro to US$112,800 in London, closely followed by New York and Hong Kong. San Francisco saw the greatest price rise over 2015, up by 13%, compared to a 9% fall in Moscow and Rio de Janeiro, and is top of the table in A.T. Kearney’s Ranking for Global City ‘Future Potential’.

“The productivity of cities and their value to global businesses clearly has a pronounced effect on demand and hence rental costs. The highest ranking global cities, London and New York, are also the most expensive for businesses and workers to occupy. Arguably both are achieving a fair price in relation to their composite world city scores, but Hong Kong looks more fully valued,” says Yolande Barnes, head of Savills world research.

Source: http://www.savills.co.uk/