The economic climate is certainly taking its time to turn around, and value for money is high on the agenda for any traveller. With this in mind, landlord Residential Land has produced a City Costs index which provides a visual guide to the cost of living in a wide selection of the world’s major cities. Taking into account everything from lifestyle costs such as rent, gym membership and salary to finer details like the price of a cup of coffee and a pair of jeans, the index offers an at-a-glance snapshot of daily costs encountered in cities from Barcelona to Beijing.
The research revealed some interesting trends and findings, both for those travelling to these cities for a holiday and those perhaps planning a new life abroad. For instance – and perhaps unsurprisingly – goods on sale close to their places of production tend to be considerably cheaper than they are elsewhere in the world. Berlin, a city well known for its motor industry, had the lowest average cost of buying a new car at £9,608 (although petrol was by far the cheapest in oil-producing Dubai at 30p a litre), and an iPad was cheapest in technologically-advanced Tokyo (£326).
However, there were a few surprises. You might think a bottle of vino would be cheapest in Paris, but at £3.36 Berlin emerged as the winner of wine prices. Meanwhile, a pair of Levi 501 jeans was only second-cheapest in New York (£32.44), beaten by Delhi (£27.75), and a cappuccino only second-cheapest in Rome (£1), with Delhi again claiming the least expensive spot (81p).
In fact, Delhi emerged as one of the cheapest major cities in the world. In terms of property, it has the lowest cost both to buy and to rent a one-bedroom apartment – the latter a massive 11 times cheaper than New York, the most expensive city in the world to rent in. Gym memberships, internet connections, taxi fares and cigarettes were also all cheapest in Delhi. However, it’s no coincidence that Delhi also has the lowest average salary of all cities on the list – £371 per month compared to £2,795 in Sydney.
“While our specialist market of London may be the most expensive place to hail a taxi, it’s worth remembering there’s a great Underground and bus system – otherwise, it still seems to be a great place to settle down, considering the comparative cost with other cities,” said Louise Savage, sales and marketing director at Residential Land.
Of course, money isn’t everything – but it does go a long way to influencing the destinations people choose to emigrate to. While settling down abroad is often seen as an activity mostly indulged in by retirees, Home Office research recently found that almost half of Brits who emigrate every year are middle-class professionals and company managers. Business leaders are blaming high rates of income tax and – you’ve guessed it – a high cost of living as the main reason for leaving the country.
Photo 1: aderly, Photo 2: Mathhias Haker, Photo 3: Jesus Sanches Ibanez, Photo 4: Atomic Zen, Photo 5:Kristina Makeeva
