Moscow is the world’s most expensive city

Moscow is the world’s most expensive city

Mercer Human Resource Consulting has released its annual report on the world’s most expensive cities to live in and Moscow has topped the list this year.

The city of Moscow managed to overtake Tokyo to take this honor. Asuncion, Paraguay was found to be the cheapest of the 144 cities they surveyed for this research paper.

Moscow is followed by Seoul, Tokyo, Hong Kong and London. Mercer said in the report that rising real estate prices in the city has resulted in Moscow becoming the most expensive city to live in, in the world.

The report said: “Steep accommodation costs have contributed to Moscow’s high ranking, as the recent property boom has driven up rental prices for expatriates.”

It added: “We have seen significant shifts in the cost-of-living rankings over the past few years, reflecting a changing global market.”

London has seen a decline in these reports in the last couple of years as UK pound is declining in value against US dollar.