Seoul was the 25th most expensive place to settle among the top 85 most popular cities in the world selected by Movinga. (image: Korea Bizwire)
SEOUL, Sept. 16 (Korea Bizwire) — A recent study has showed that foreigners spend more money in the first three months to settle in Seoul than in Tokyo.
Movinga, a German moving company, published the International Moving Price Index 2019 which showed that new residents typically spend $7,641 in the first three months to settle in Seoul.
Movinga calculated the price based on the cost of temporary residence for the first 30 days (Airbnb rent and storage fees), the cost of permanent residence over the next two months (deposits, monthly rent, and internet access), and other necessary costs spent throughout the three months (food, transportation, and mobile phone bills).
In Seoul, food cost $430, transportation cost $38, and mobile phones cost $22 per month. As for the cost of temporary residence for the first 30 days, rent cost $544 and storage cost $371.
The cost of permanent residence over the next two months, including deposit and rent, was $1,738, and internet cost $21.
Seoul was the 25th most expensive place to settle among the top 85 most popular cities in the world selected by Movinga. Tokyo ranked 26th ($7,617), immediately after Seoul.
Tokyo was more expensive than Seoul in terms of transportation ($160), mobile phone bills ($51), and the cost of temporary residence ($1,659), but the cost of permanent residence, including deposit and rent that cost $1,168 each, were more affordable than Seoul.
Other cities with cheaper cost of settlement included Barcelona, Shanghai, and Berlin.
When it came to family settlement, however, Seoul ranked 36th ($12,380), placed as one of the more affordable cities to settle in.
H. M. Kang (hmkang@koreabizwire.com)
