Singapore is the fifth most expensive expat city in the world: ECA International
Hong Kong went down coming from its top position in last year’s rankings by ECA to come to be the second most expensive city. It was beat by New York this year, marking completion of Hong Kong’s four-year power on top.
“Singapore’s rise is noteworthy. Boosted demand for rental dwelling in the Lion City, driven by variables including the previously relaxation of Covid-19 restrictions contrasted to other essential places in the region, was not matched by equivalent rises in the supply of appropriate rental,” claims ECA International’s regional director of Asia Lee Quane.
A boost in rental prices in Seoul, generated by a tensing of rental supply, was the underlying factor sustaining the greater cost of living. While in Yangon, the increase was due to recurring socio-political issues creating significant inflation for day-to-day goods together with services.
Singapore has gone up eight positions to end up being the fifth most expensive city worldwide for expatriates. This was among the findings of the most recent expense of living study released by ECA International.
In general, cities in the Asia Pacific area saw their rankings tumble this year, yet South Korea’s Seoul as well as Myanmar’s Yangon threw the fad to go up a few places. Seoul climbed up one area to 9th in the rankings, and Yangon climbed 4 spots to 167.
“Costs for items as well as solutions in Hong Kong climbed at multi-year highs, revealing that the city was not spared from the wave of inflation we have seen all over the world in the last year,” says Quane. Nonetheless, the city slipped this year because the increase in prices of day-to-day products and services was toughened up by falls in rental costs, he adds.