Capital gains: London is now the world’s most expensive city

The stratospheric price of food, drink and transport has long been the bane of Londoners’ existence. In the capital, it’s hard to buy a coffee without feeling you’re trading a piece of your soul for the pleasure.

But now the soaring prices paid for property in London makes real-estate purchase a truly Faustian prospect, as average prices have screamed above £500,000, rising by almost 20% in the past 12 months alone in some boroughs.

According to estate agent Savills, this has been a contributing factor in putting London ahead of Hong Kong and Singapore to top the list of world’s most expensive cities.

Savills used the combined cost of renting both office and living space for one employee over a year.

Here are the top 5 most expensive cities across the globe:

1. London - $120,568

2. Hong Kong - $115,717

3. New York - $107,782

4. Paris - $105,550

5. Tokyo - $76,211

6. Singapore - $74,890

7. Moscow - $70,499

8. Sydney - $63,630

9. Dubai - $52,149

10. Shanghai - $43,171

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