Hong Kong Most Expensive City for Expats  

(MENAFN - Qatar News Agency) Hong Kong has maintained its standing as the world's most expensive city for expats, remaining ahead of London and showing resilience against the international economic crisis as China's financial center with more than what its Western counterparts have achieved.

According to research conducted by UK Real Estate firm (Savills), executive property prices in Hong Kong, which rose by 7.4% last year, reflect the city's ability to stand against the financial storm.

Second behind Hong Kong was London, which saw a 2.8% rise in the price of property last year. Other high risers in the price of property over the last year were named as Moscow, which rose by 5.5% year on year; Sydney, at 3.7% and London at 2.8%. Elsewhere, property prices in Paris fell by 3.4%.

Over the last year Hong Kong has exhibited both the highest residential housing costs and the fastest pace of growth, the research indicated.

Savills estimated that a company that relocated a core team of financial services staff, consisting on seven employees, including a chief executive and accompanying administration staff could expect a total bill of approximately USD 1.1 million per year in Hong Kong compared with USD 880,000 in London.