Is it becoming increasingly expensive to be an Expat?
People emigrate for a multitude of reasons, but some common factors behind a move overseas are the hope of a better quality of life/larger disposable income and the desire to make the most of an advantageous work opportunity.
However, the ongoing global economic slowdown and rising unemployment rates have taken some of the shine off the expat appeal. In fact, according to some recently compiled data, the cost of being an expat is rising steadily.
Earlier this week we explored a report which showed that Luanda in Angola is the most expensive city in the world for expat living.
That same report by Mercer consulting agency also argues that expats living and working in Hong Kong have to pay the world’s highest housing costs.
The survey was put together in order to help companies/governments decide on appropriate packages for expat employees.
According to a Mercer representative: ‘The cost of expatriate housing is typically the biggest expense for employers [and] Generally, housing costs in the top Tier 1 cities in [China’s mainland] such as Beijing and Shanghai, have been on the rise over the years.’
However, Hong Kong was the only Chinese city which made it into the top ten most expensive cities list.
Although a two-bedroom unfurnished apartment would set you back 6,500 US Dollars per month in Luanda, in Hong Kong comparable accommodation would cost a whopping 7,091 US Dollars per month.
And if you had your sights set on renting a luxury three bed house, you could expect to pay from between 13,538.68 to 15,000 US Dollars every four weeks!
Moscow was listed as the city with the second highest accommodation costs.
Of course, whether or not it’s becoming more expensive to be an expat is entirely dependent on individual circumstance and country of residence.
Many people find rent more reasonable overseas, or else that higher wages and an increased disposable income counterbalance larger expenses.
Have you found yourself better or worse off since becoming an expat? What do you think of these survey results? Let us know on Facebook and Twitter!