Only This City Is Now More Expensive Than London

Photo: Unsplash.
Singapore Sky Line
London – ranked the most expensive city in the world for renters in 2015 – has been pipped to the post this year.

The CBRE Global Living report, which ranks cities based on the cost of measures such as annual property price growth, average rent and the price of a coffee, found Singapore to be the priciest city in which to rent, reported The Telegraph.

According to the report, rents in Singapore have risen even faster than London's in the past year, causing the city-state to overtake the English capital.

The news is little consolation for most Londoners. Average rent in Singapore costs an average of £2,250 per month, while in London the figure is still high eye-watering at £2,136.

By comparison, average monthly rent in Miami is £1,420 and in Hong Kong it is £1,490 – around 50% lower than London.

London also dropped in the rankings when it comes to the cost of buying property – but only in relative rather than absolute terms, meaning property is still just as expensive, but other cities have overtaken it. London is now the fourth most expensive in which to buy property, falling from second place last year.

Londoners are also paying through the nose to enjoy themselves in the capital, the report found. Its cinema tickets are the most expensive in the world at £12.40. By contrast, the cheapest city in which to get a culture fix is Doha, where tickets are just £2.46.

But the capital isn't the only expensive city in the UK – other cities also made the rankings. Manchester and Edinburgh were both ranked in the top 10 most expensive cities in which to eat out.

In London, a mid-range meal for two costs £50.16 – the same as in Edinburgh and only slightly more than in Manchester (£45.14). The most expensive restaurants are in New York, where the same meal costs £60.80.

Surprisingly for anyone (most of us) who's ever paid close to £5 for a coffee in London, its coffee is relatively cheap. London is only the 12th most expensive city in which to buy a cappuccino.

Great news for anyone who spends more of their money on coffee than on rent...

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