Paris has leapfrogged London to become the most expensive capital city to rent residential property, according to research released today by estate agent Savills.
The World Class Cities index, which analyses the cost of renting and buying in the world’s top 10 cities, shows the average cost of renting increased by 2,3% in the second half of 2011, outpacing the rise in underlying house prices.
Rental growth in the so-called new world cities of Hong Kong, Shanghai, Singapore, Mumbai and Moscow slowed in the second half of the year to 1,8% despite growing faster than old world cities since 2005.
Meanwhile the so-called old world cities – London, Paris, New York, Sydney and Tokyo ¬– saw rental growth rise by 2,8% in the second half.
Source: http://france.themovechannel.com/news/91ea46bd-8856/