Saturday, July 3, 2010

Luanda: Most Expensive City

Angola's capital Luanda, topped this year's Mercer Worldwide Cost of Living Survey as the world's most expensive city for expatriates, with Tokyo in second spot and Ndjamena, Chad, in third.

According to the report, which compare cost living in 370 cities around the world, the presence of many African cities in top spots was due to the fact that many expatriates purchase imported products at high prices, thus inflating cost of living.  Additionally, the tide of petrodollars surging into the city has created a massive property boom which has spilled over into the general economy.

"The fact that Luanda lead the top of the list may surprise some," said Lee Quane, ECA International, adding that this is because "the study includes goods and services typically purchased by expatriates, which can be very expensive in places like this, but not exceeding the local market."

Please click here to read the whole report.

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