London lost its status as the most expensive city in the world due to Brexit

Not only property in London, but the location of the business in London has become more competitive in the world due to Brexit. Just a year ago, London was still the most expensive city in the world for international business as the commercial lease of premises for offices and housing. Now, due to the devaluation of the pound sterling, the London close on these indicators to the Paris and Tokyo.

The latest study of international property company Savills shows that now new York and Hong Kong are the leaders in the high cost of real estate.

Today the cost of one year of office and residential space per person in London is $88800 per year, which is much lower than in 2014, when the cost of placing business in London was $124500. Moreover, data showed that life is now for business in London 10% cheaper in 2008.

The value of similar indicators in new York – $111900, in Hong Kong – $105400, followed by London with a record $88800, then Paris is $75100, and Tokyo – $73700. The cost of work-places in new York declined over the last six months from $114200 in June 2016. But in Hong Kong, rental prices continue to rise. In connection with the imposition of high Stamp duty in 2016 for the purchase of property, demand for rental has increased significantly.

New York remains the most expensive city in the United States. In new York the cost of maintenance of foreign employees is two times more expensive than Los Angeles and by 71% more expensive than in San Francisco.

Significantly reduced the gap between London and Paris. At the same time, London is still far away at low cost to the towns, which predict the location of new financial capitals in connection with the Brexit, Dublin and Berlin, where you can save, respectively, $40000 and $60000 for each employee per year. This is despite the fact that the demand for commercial and residential property in Dublin has been growing steadily in recent years.

Among the capitals of the world, the cheapest city in this sense Rio de Janeiro – $17900, followed by Johannesburg, $22300, then Berlin – $28400, followed by Mumbai – $29800 and Lagos – $42700.

On average, according to the study, the cost of housing in approximately 71% of the total line costs.

® Helen Entree. 01.03.2017 G.

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