Photo: Flickr user “R/DV/RS” - Creative Commons (2007)
Consumer prices: Luxembourg City rates in the top 20 most expensive cities in Europe for international staff, according to a new consulting firm report.
The Grand Duchy’s capital is the 19th most expensive in Europe and 58th most expensive city for expatriates in the world, a study released this week has found. Luxembourg City rose from 69th position globally last year, according to ECA International’s most recent Cost of Living Survey.
The consulting and outsourcing firm provides compensation and employee benefit programmes for international staff assignments.
“Prices of items in ECA’s basket of goods and services for expatriates for Luxembourg have gone up very little over the past 12 months,” a spokeswoman for the firm told Delano on Thursday. “However, the strengthening of the euro against currencies including the US dollar means that it has become more expensive for many companies relocating staff to Luxembourg.”
The five most expensive cities globally for international staff were Caracas in Venezuela, Oslo in Norway, Luanda in Angola, and respectively fourth and fifth placed Zurich and Geneva in Switzerland.
In the European tables released this week, Luxembourg City tied with Antwerp at number 19, ranking just below Munich (17th most expensive in Europe) and Dublin (18), and just above Strasbourg (21) and Amsterdam (22).
Other localities in the European top ten were Stavanger, Norway’s oil hub, and the capitals of Switzerland, Denmark, Finland, Sweden and Russia.
ECA said that its twice-annual surveys are used to determine cost of living allowance adjustments and “compare a basket of like-for-like consumer goods and services commonly purchased by assignees in over 440 locations worldwide.”