Singapore is the fifth most expensive expat city in the world: ECA International
Singapore has actually gone up 8 placements to come to be the fifth most costly city globally for expatriates. This was among the findings of the most recent cost of living research posted by ECA International.
Hong Kong went down from its top position in last year’s positions by ECA to end up being the 2nd most costly city. It was surpassed by New York this year, marking the end of Hong Kong’s four-year reign at the top.
An increase in accommodation costs in Seoul, brought about by a securing of rental source, was the hidden factor sustaining the greater cost of living. While in Yangon, the rise was because of recurring socio-political problems creating considerable inflation for everyday products and services.
In general, cities in the Asia Pacific region viewed their rankings roll this year, but South Korea’s Seoul as well as Myanmar’s Yangon bucked the trend to climb a few places. Seoul climbed one place to ninth in the positions, and Yangon climbed four spots to 167.
“Singapore’s growth is notable. Enhanced necessity for leasing dwelling in the Lion City, driven by factors such as the earlier loosening of Covid-19 restrictions compared to various other key areas in the region, was not matched by corresponding rises in the source of suitable dwelling,” states ECA International’s local supervisor of Asia Lee Quane.
“Costs for products and also solutions in Hong Kong climbed at multi-year highs, showing that the city was not saved from the surge of rising cost of living we have observed all throughout the world in the past year,” states Quane. Nonetheless, the city dropped this year due to the fact that the increase in costs of day-to-day items and also services was tempered by falls in accommodation prices, he adds.