JOHANNESBURG - Angola's capital Luanda remains the most expensive city in Africa despite dropping off the top of a global list, a recent survey shows.
The 24th cost of living survey by Mercer also showed that South Africa's Cape Town and Johannesburg have gone up in their ranking, meaning the cost of living has increased, from 199 to 170 and from 191 to 177 respectively.
The report said Luanda, ranked sixth globally, was no longer the most expensive city in the world primarily because of a downward trend in the housing market and the depreciation of the local currency to the US dollar, making it more attractive for foreign investments and also cheaper for foreigners to live in.
Compared to last year’s report, some African countries like Cape Town and Tunis in Tunisia had seen a noticeable increase in accommodation related rentals, although the opposite had been recorded for Cairo in Egypt, where the rental value, especially for houses had dropped.
The Mercer survey is widely recognised as one of the world’s most comprehensive, and is designed to help multinational companies and governments determine compensation strategies for their expatriate employees.