Hong Kong and London most expensive cities for expats

According to a new survey, the most expensive city in the world for a company to send expats to work is Hong Kong. Savills, the estate agent, published findings this week which show that executive housing in China’s financial centre rose in price by 7.4 per cent during the first six months of this year.

Researchers found that despite a sluggish global economy, prices in Moscow were up by 5.5 per cent, the value of Sydney’s property rose by 3.7 per cent and the cost of property for an expat in London, the second most expensive city on the planet, was up by 2.8 per cent.

Savills looked at the cost of relocating seven people as representative of an executive team. The brokerage found that in Hong Kong a CEO and his administrative staff would cost £660,000 to relocate for a year compared to £550,000 in London.

According to the study, prices for executive property in Paris have slipped since the beginning of the year by 3.4 per cent. Reasons for this include continuing problems in the eurozone and a massive tax hike on the wealthy by the new government.

Concern over the rising price of property in Hong Kong has led to the election of Leung Chun-ying. The new leader has promised to set aside more property only to be sold to people who are permanent residents of the former British colony.