Cost of Living increases as Yen rises against the Dollar
London, UK (Pryce Warner International) June 13, 2012 – Of the 214 cities evaluated during recent research into Expat expenditure, Tokyo has been identified as the world’s costliest city for professionals working overseas.
Japan is home to an approximate three million Expats and being its capital city, Tokyo is a proven and popular destination for overseas workers, holding great allure for professional Expats from around the world.
It’s thought that increased living costs stemming from the Yen and its recent performance against the Dollar has seen the city surpass Luanda, Angola’s capital city and former title holder for most expensive Expat home, ahead of more affordable Eurozone cities such as Amsterdam and Paris that have suffered a downturn as a result of lowered wage scales and escalating unemployment.
Notably, in terms of exchange rates, the Euro has dropped 16% since its highest point in May.
Expats operating within Japan and the Asian region specifically have seen prices increase up to sevenfold in comparison with countries such as Australia, with Shanghai’s property rental market seeing a 73% cost increase, accounting for a quarter of Expat spending.
Transport and utilities were respectively cited as the second and third biggest expat expenditures amongst the 200 sources accounted for during the research.
By Anthony Standring
Pryce Warner International Group
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