6th February, 2014
London has become the most expensive city in the world, a new survey carried out by “Expatistan ,’’ has shown.
According to a new survey released in London, as “Annual Cost of Living Index,’’ London topped the list, displacing Oslo, the capital of Norway, as the most expensive city in the world.
Geneva, Zurich, and Lausanne, all in Switzerland, which usually featured at the top of such lists, ranked third, fourth and sixth respectively.
New York City ranked fifth, Singapore seventh while Paris and San Francisco occupied the eight and ninth places respectively with Copenhagen, the capital of Denmark, which previously ranked among the top six, placing tenth.
The survey analysed prices of items ranging from fast-food to accommodation prices and petrol, among others.
Compared with the cost of living in Lagos Nigeria, London is 85 per cent more expensive.
ExPatistan comparative analysis showed that food is 27 per cent more expensive in London than in Lagos. Housing is also 107 per cent more expensive in London. Same goes for transportation cost: it is dearer by 155 per cent in London, compared with the fares Lagosians pay. The cost of seeking fun is also dearer in British city than in Lagos: 88 per cent more expensive than what a Lagosian will spend. But clothes are 15 per cent cheaper in the city, than in Lagos
According to the survey, the cost of a litre of petrol in London is £1.40 (N450), more than double the price of fuel in Los Angeles, where a litre can be purchased for just 62p (N170).
Some Nigerian tourists, who reacted to the survey in separate interviews with the Europe correspondent of the News Agency of Nigeria (NAN) in London, observed that the power of the English currency, Pounds Sterling, was a major factor.
Mr Olumide Dada, a resident of London, said: ” it is very expensive indeed; I bought pounds at N285 per pound at black market rate in Abuja before travelling.
“It remains the strongest currency in the world; everything here is expensive; even my hotel which is a three-star is going for £170 (N48,450) per night.
Similarly, Mrs Rekiya Akila, who is visiting London, said: “it is my first time abroad and I have been in London for a week.
“Really there is no big deal about the city. Yes, it is quite multicultural and busy;but it’s just like Lagos.
“If only our leaders can provide constant electricity and good public transportation, including trains, and adequate mass transit buses, Nigeria too can become a favourite tourist destination,” Akila said.
More than two million Nigerians reside in the UK, the largest number anywhere in Europe.
Expatistan is a cost of living calculator that allows travellers to compare the cost of living between cities around the world. The comparisons allow one to get a better understanding of the cost of living of any city before one moves there.
What makes it unique is that it collects the prices that it uses to calculate the cost of living index from loggers to its site.
“Naturally, the more data entered, the more accurate the index and the calculations will be”, it says on its site.