London overtakes Hong Kong as most expensive city in the world - LIST

The estate agent ranks London twice as expensive as Sydney, and four times more pricey than Rio de Janerio.London was ranked fifth in 2008 surged to the top as a result of booming property prices and currency fluctuations.Yolande Barnes, Savills director of world research, said: ‘This year has seen much more modest real estate price growth in nearly all our world cities, and some have shown small falls. We expect this subdued trend to continue as investor interest and market activity shifts to second-tier cities.‘This lower level of price growth means that currency fluctuations have produced some of the biggest changes in our rankings, which are expressed in dollar terms. For multinationals looking at their local costs, it is this which is likely to exercise them more than property markets over the next year.”The 12 most expensive cities1. London2. Hong Kong3. New York4. Paris5. Tokyo6. Singapore7. Moscow8. Sydney9. Dubai10. Shanghai11. Rio de Janeiro12. Mumbai(http://metro.co.uk/)Bakudaily.Az