Good News from Tue, 19 June, 2012:

Helsinki is now more affordable than a year ago

Helsinki has dropped off from the world's most expensive cities list. Helsinki has dropped off from the world's most expensive cities list.
Helsinki is now more affordable city than a year ago, dropping off the Mercer’s list of 50 world’s most expensive cities. According to the latest Mercer’s Cost of Living Survey, Helsinki is ranked 65th most expensive city in the world, down 23 places from the year 2011.

The survey covers 214 cities across five continents and measures the comparative cost of over 200 items in each location, including transport, food, clothing, household goods and entertainment. The cost of housing is also included and, as it is often the biggest expense for expatriates, it plays an important part in determining where cities are ranked.

With a few exceptions, European cities have dropped in the Mercer’s rankings, mainly due to a considerable weakening of local currencies, including the euro, against the US dollar. For example, Oslo has dropped three places to number 18 and Stockholm is down seven places holding the ranking of 46. Also London in UK has dropped seven places from last year being now 25 most expensive city.

— When compared to New York, our benchmark city, most European cities have witnessed a decline in cost of living. In North America, most cities have gone up in the ranking, as the US dollar has strengthened against a large proportion of the world’s other currencies, explains Nathalie Constantin-Métral, Principal at Mercer, who is responsible for compiling the ranking each year.

Tokyo is the world’s most expensive city for expatriates, pushing Luanda in Angola down to second position. Japanese city Osaka is in third position, up three places from last year, whereas Moscow remains in fourth and Geneva in fifth positions.

1.    TOKYO/JAPAN
2.    LUANDA/ ANGOLA
3.    OSAKA/JAPAN
4.    MOSCOW/RUSSIA
5.    GENEVA/SWITZERLAND
6.    ZURICH/ SWITZERLAND
7.    SINGAPORE/ SINGAPORE
8.    N'DJAMENA/CHAD
9.    HONG KONG/HONG KONG
10.  NAGOYA/JAPAN

www.mercer.com

MM