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Edinburgh Live
Edinburgh Live
National
Claire Galloway

Edinburgh revealed as one of the most expensive cities in the world to live in

Edinburgh has been named one of the most expensive cities in the world to live in - which may not come as a huge surprise to its residents.

A report by ECA International, which looks at the cost of living, has ranked various cities in multiple countries around the globe, with Edinburgh taking a spot on the list.

The report analysed the costs of consumer goods and services in more than 480 locations worldwide.

Hong Kong claimed the top spot globally, followed by Tokyo, New York, Geneva, Zurich and London, which ranked sixth.

Edinburgh was the 91st most expensive location worldwide, while it was the 38th in Europe.

The capital was also found to be the second most expensive city to live in within the UK, with London the only place said to be more pricey.

Edinburgh Live previously revealed that the city has seen a property boom during lockdown.

In fact, from the period August to October 2020, average property prices in Edinburgh, the Lothians and Fife were up almost 8%

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For the three month period the average selling price was £270,983.

Steven Kilfedder, Production Manager at ECA International, explained that the British pound also pushed UK cities up the rankings, Manchester also rising to 100th in the global list.

He said: “The British pound has rebounded from the lows reached last year when uncertainty over Brexit culminating in a general election pushed the value of the pound down.

"Since then the pound has gained strength, including rising 8% against the US dollar, which means visitors and international assignees visiting and living in the UK may find goods and services more expensive.

"With Brexit negotiations reaching another crunch point this could have a significant impact on the UK’s ranking in the future through exchange rate changes and possible inflation due to increased trading costs."

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