The Americas

New York remains the most expensive city in North America but drops five places to position 15 (score 100).  Other North American cities have dropped more steeply and only New York and Los Angeles (position 42, score 87.1) rank in the top 50 cities.

“The decline of most US cities in the ranking can be attributed to the depreciation of the US dollar against the Euro and other major currencies worldwide.  The change reflects a reversal of the situation experienced this time last year, when the majority of US cities climbed the ranking due to the strength of the dollar,” said Powers.

Toronto, the most expensive city in Canada, has dropped 35 places to position 82 (score 78.8). Calgary and Vancouver have also tumbled down the rankings, sliding from 71st place to 92nd  and 56th to 89th respectively. Ottawa remains the cheapest Canadian city in 109th position scoring 72.3. Canadian cities have traditionally rated favourably in the worldwide ranking. The new scores reflect a low rate of inflation and stable housing prices. In addition, while it has appreciated slightly against the US Dollar, the Canadian Dollar has depreciated nearly 13% against the Euro since last year’s survey.

Sao Paulo and Rio de Janeiro have dropped significantly in the ranking, but remain the most expensive cities in Latin America. Sao Paulo is now placed 62nd, compared with 34th in 2006, and is followed by Rio de Janeiro in 64th place (position 40 in 2006). Although the Brazilian Real has remained stable against the US Dollar over the last 12 months, the Brazilian cities surveyed have been pushed down the ranking as they give way to European cities that are ascending due to the buoyancy of the Euro.

Globally, the least costly city is Asuncion in Paraguay for the fifth consecutive year (score 50). Other low-ranking cities include Karachi, Quito and Montevideo in 142nd (score 56.1), 141st (56.3) and 140th place (58.4) respectively.

Asia

Four of the world’s top 10 costliest cities for expatriates are in Asia. Seoul ranks in 3rd place (score 122.4), Tokyo in 4th (122.1) and Hong Kong in 5th (119.4) – all have been pushed down one place this year.

Chinese cities have moved down the ranking this year. Beijing ranks 20th and scores 95.9, while Shanghai is in 26th place with a score of 92.1. Over the past 12 months, the value of the Chinese Yuan has decreased by around 6% against the Euro. This factor, together with a low inflation rate and stable property rental prices, has kept the major Chinese cities from moving up the ranking. Accommodation costs have not escalated because, while demand is increasing, the availability of high-quality rentals in these cities is also good.

In contrast, elsewhere in Asia, the cost of international-standard accommodation has pushed some cities up the ranking. For example, sharp increases in house prices have contributed to Singapore climbing from 17th to 14th position. Rising property prices have also caused Indian cities to move up the ranking – for example, Mumbai has jumped from position 68 to 52 (score 84.9).     

Australasia

Wellington is the least costly city in this region in 111th place with a score of 71.8.  Auckland climbs one place to rank 99th (score 73.9). Expatriates in Australia continue to face higher living costs than their counterparts in New Zealand. Sydney remains the most expensive city in Australia at position 21 with a score of 94.9. Melbourne occupies position 60, up 14 places from last year, and scores 82.5. Adelaide is in 96th place (score 74.7).