Singapore is the fifth most expensive expat city in the world: ECA International
Singapore has moved up eight placements to end up being the 5th most pricey city in the world for expatriates. This was among the findings of the latest cost of living study published by ECA International.
As a whole, cities in the Asia Pacific area observed their rankings tumble this year, but South Korea’s Seoul and Myanmar’s Yangon threw the fad to climb a couple of locations. Seoul climbed up one place to nine in the rankings, and Yangon increased four spots to 167.
“Singapore’s growth is noteworthy. Enhanced interest for leasing accommodation in the Lion City, steered by factors including the previously relaxation of Covid-19 restrictions contrasted to various other major locations in the location, was not matched by matching rises in the source of appropriate rental,” claims ECA International’s regional director of Asia Lee Quane.
Hong Kong plunged coming from its leading spot in last year’s positions by ECA to become the 2nd most expensive city. It was surpassed by New York this year, marking completion of Hong Kong’s four-year regime at the top.
A boost in accommodation expenses in Seoul, caused by a tensing of rental supply, was the hidden factor sustaining the higher price of living. While in Yangon, the surge was due to recurring socio-political concerns triggering substantial inflation for daily goods also services.
“Expenses for products and also services in Hong Kong climbed at multi-year highs, presenting that the city was not exempted from the wave of rising cost of living we have seen all over the world in the last year,” claims Quane. However, the city dropped this year since the boost in rates of day-to-day items and also services was toughened up by falls in dwelling prices, he adds.