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Moscow Is World's Most Expensive City
26.06.2006 14:10
Moscow Is World's Most Expensive City

Moscow becomes the worlds most expensive city as its real estate prices soar, says the annual report by Mercer Human Resource (MHR).
      Moscow has now outpaced Tokyo and topped the worlds rating. The MHR consulting company puts the rise down to a surge in property prices. MHR says it is now cheaper for companies to send their staff to a Swiss city rather than to Moscow.
      Seoul, too, jumped from fifth to second place leaving Tokyo in third position. Europes largest cities London and Geneva fell a few points although they are still ahead of Americas New York, Los Angeles and San Francisco.
      Hong Kong ranks fourth while other Asian cities of Beijing and Shanghai have climbed into Top 20. It is due to the strengthening yuan, Chinese national currency, believe the experts.
      MHR specialists calculate the cost of 200 items of clothing, food, household appliances and other kinds of services, including transportation and entertainment, in the largest metropolises of the globe. The index denoting the urban living standards can be used by corporations to figure out the compensation their employees would receive while traveling abroad.


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