Study: Exchange rates make Seoul a cheaper expat destination

Volatile exchange rates caused by the global economic slowdown mean that Seoul is no longer one of the most expensive locations for expatriates, according to a new study.

Carried out by ECA International, the survey compared a total of 125 services and consumer goods commonly purchased by expats in more than 370 locations around the world.

A 48 per cent depreciation in the South Korean won resulted in goods and services in the city are now 40 per cent cheaper than prices in Tokyo, Reuters reports.

Last year, they were five per cent more expensive than costs in the Japanese capital, the poll indicated.

Moscow replaced Oslo as the most expensive location.

Asia general manager of ECA International, which has a history dating back to 1971, said: "Companies which split pay between the employee's home and host countries will be much better equipped to ride out the current currency volatility."