Seoul is the second most expensive major world city for expatriates, mostly because of the high deposits required for rent, according to a survey by the state-run export agency.
The agency found that London is the most expensive city for business travelers due to high hotel rates and taxi fares, while Paris is the most expensive city for expatriates because of high rents and school tuition.
Seoul is the second most expensive major world city for expatriates, mostly because of the high deposits required for rent, according to a survey by the state-run export agency.
The agency found that London is the most expensive city for business travelers due to high hotel rates and taxi fares, while Paris is the most expensive city for expatriates because of high rents and school tuition.
Korea's capital city is also the ninth most expensive city for short-term business travel. The Korea Trade-Investment Promotion Agency, Kotra, released the results of the survey yesterday.
The survey covers 81 cities in the Americas, Asia, Africa and Oceania and measures the comparative costs of 179 items in each location, including housing, transport and food. "With more and more companies sending employees abroad on short-term business travel and medium-term expatriate assignments, the living conditions in the locations have become an important factor that influence the success of companies' global business," said Jeong Ho-won, head of Kotra's trade strategy team.
According to the survey, those who take a four-day and three-night trip to London should plan on spending $2,070 on average (outside of airfare) if they stay at midrange hotels and eat at average restaurants. The same travel will cost $2,002 in Dubai, the second most expensive city for short-term business travelers. Expenditures for a Seoul visit would reach $923. Travelers to Bangkok get off easy. A stay there comes in at $377.
A foreigner who settles in Paris with a spouse and two children should plan on spending $148,340 in the first month. The highest cost among the 81 cities polled includes monthly rent of $6,120 for a 150-square-meter home, purchase of a car, lump-sum payment of $58,460 for annual tuition for two children and more.
The expense in Seoul is nearly as staggering, coming in at some $138,120, though tuition and car purchases here cost only one-third of those in Paris. Deposit money paid in Seoul to rent an apartment is 60 times more than the monthly rent itself, the agency explained. New York is the third most expensive city, requiring $115,980.
This article appeared on joongangdaily.joins.com