London’s Steep Drop to 21

After being at the top of the “most expensive city in the world” list for years, London has plummeted to position 21 amidst the Western European countries. In a report by UBS Bank, Oslo has survived the recession and is now at the top of the honorable list followed by Zurich in second place and Copenhagen in third.

In 2008 it was first and in 2006 it came second. Not only has it been at the top of rankings for the city as a whole, its hotels and foods have been considered the most expensive as well. In just one year, the Hotel Price Index has shown that London hotels have become 25 percent cheaper.

London can blame fluctuating currencies and the steep devaluation of the pound for its hard fall. It’s turning this luxury destination into a budget destination. But no need to frown; London still tops the best nightlife and best parks lists. If you look at this optimistically, this only means that you will have more left over to splurge on some Louboutins at one of the fashion capitals of the world.

Via: CityMayors, Luxury Launches, Hotels.com