Looks like a city just stole the top spot from London for being the most expensive place to rent. According to CBRE Global Living, which rank cities based on their annual property price growth, average and price of coffee, Singapore is now the priciest city for renting – at least for condominiums in Singapore.
The report shows that rents in Singapore have risen even faster than London’s. The news may seem to be a consolation for some residents of the English city. Singapore’s renting cost has an average of £2,250 which is just a little bit higher than £2,136 — the average renting cost in London. Looking into other cities for comparison, Miami has an average of £1,420 and Hong Kong is at $1,490. Both are only 50% of the average renting cost in London.
In terms of buying a property, London falls two notches from being the second most expensive. Data shows that the property value in London did not go down. However, other cities have overtaken it.
To enjoy themselves in the city, Londoners need to shed some of their hard-earned money. The area has the most expensive cinema tickets in the world. As of now, the average cost of one ticket is at £12.40. On the other hand, the world’s cheapest movie tickets are being sold in Doha, Qatar for only £2.46.
Other pricy cities to live in UK include Manchester and Edinburgh. Both were ranked in the top 10 of most expensive cities to dine out. In London, a mid-range meal costs £50.16 which is same in Edinburgh and a little bit higher than £45.14 of Machester meals. The most expensive restaurants can be found in New York with an average of £60.80 per mid-range meal.
Unlike its other products and services, coffee in London is surprisingly cheap. Sounds like London is an ideal place for those who spend more on their coffee than rent.
Check out other Singapore property news.