19 June 2007

MADRID - Madrid and Barcelona are now in the top 50 most expensive cities for the first time, according to a new survey.

In a survey of the cost of housing, transportation, food, clothing, household goods and entertainment, Madrid came 26th, while Barcelona was in 31st place.

Rising costs of housing and the weakening dollar against a stronger euro have pushed both cities into the top 50 for the first time.

Mercer Human Resource Consulting said in March 2006, the Spanish capital and Barcelona did not make the top 50 in their annual survey.

But the study said: "The weakness of the dollar against the euro played a role."

The study is partly aimed at helping muti-nationals compensate their expat employees correctly when they move abroad.

THe top cities were Moscow (1), London (2), Seoul (3), Tokyo (4) and Hong Kong (5).

[Copyright AP with Expatica]

Subject: Spanish news