Brussels has ranked as the 41st most expensive city to live in as an expat, according to a study published by human resources consultancy Mercer.
For its part, Brussels has actually dropped two places, suggesting that the city has become slightly more affordable for expatriate workers relative to other metropoles. But seen over a longer period, the Belgian capital has actually gained more than 26 places in the last five years.
The consequences of the Covid-19 pandemic, Russia’s invasion of Ukraine, as well as the impact of monetary policy and inflation, are the factors which mostly strongly influence the cost of living for expats, the study's authors explain.
Hong Kong still tops the ranking as the former British colony has some of the most expensive real estate and rental prices in the world; the price of one square metre of property is roughly $45,000. The city is also known for its expensive restaurants, nightlife, and food costs.
Five European cities rank in the top 10 most expensive destinations, four of them in Switzerland which is home to major corporations such as Roche, Nestlé, and Novartis. In the global ranking, Zürich came third, Geneva fourth, Basel fifth, and Bern seventh. The Danish capital of Copenhagen ranks ninth in the world.
Singapore now ranks as the second most expensive city for expats, climbing six places to unseat Zürich. New York is now sixth in the ranking. Notably, Prague leapt 27 places to now sit 33rd; it has been hit heavily by the cost of living difficulties.
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Cost of living is not the only factor determining a location’s appeal to employees and businesses, the report notes. Another important factor is the overall quality of life that the city offers. Furthermore, factors such as the risk of natural disasters, political and economic unrest, crime rates, infrastructure, and international connectivity must also be considered.
