For five consecutive years, Hong Kong has topped Savills’ ranking of the 12 most expensive cities in the world. But this year there has been an upset, with London taking the top spot.
According to the report, the average real estate costs per employee in London have risen to $120,568 a year. Hong Kong and New York City followed with $115,717 and $107,782 respectively, according to Buzzbuzzhome.
The report notes that falling residential prices and a weakening currency account for Hong Kong’s second place finish.
Meanwhile, London witnessed a huge increase in real estate costs. According to the World Cities Index, residential prices have risen 18.4 per cent in just one year, and office rents increased 31.1 per cent since 2008.