Singapore is the fifth most expensive expat city in the world: ECA International
A boost in rental prices in Seoul, resulted in by a tightening of rental supply, was the underlying factor sustaining the higher cost of living. While in Yangon, the increase was due to ongoing socio-political problems causing significant rising cost of living for day-to-day goods together with services.
Singapore has moved up eight placements to end up being the 5th most costly city worldwide for migrants. This was one of the findings of the current price of living research study released by ECA International.
Generally, cities in the Asia Pacific location viewed their rankings topple this year, but South Korea’s Seoul and also Myanmar’s Yangon bucked the pattern to climb a couple of places. Seoul climbed one location to ninth in the positions, and also Yangon rose 4 spots to 167.
“Prices for items and also services in Hong Kong climbed at multi-year highs, revealing that the city was not exempted from the rush of inflation we have seen throughout the globe in the past year,” states Quane. However, the city dropped this year due to the fact that the increase in costs of daily goods and also services was toughened up by falls in accommodation costs, he includes.
Hong Kong went down from its top position in 2022’s positions by ECA to end up being the 2nd most expensive city. It was outperformed by New York this particular year, marking completion of Hong Kong’s four-year power on top.
“Singapore’s progress is significant. Boosted necessity for rental accommodation in the Lion City, steered by factors such as the earlier loosening of Covid-19 regulations contrasted to various other major areas in the area, was not matched by matching increases in the source of suitable rental,” says ECA International’s regional director of Asia Lee Quane.
