Singapore is the fifth most expensive expat city in the world: ECA International
Generally, cities in the Asia Pacific region observed their positions tumble this year, but South Korea’s Seoul and also Myanmar’s Yangon bucked the pattern to climb up a few places. Seoul climbed one location to ninth in the rankings, as well as Yangon rose 4 spots to 167.
A boost in rental prices in Seoul, brought about by a tensing of rental source, was the hidden factor sustaining the greater price of living. While in Yangon, the surge was due to recurring socio-political concerns triggering significant inflation for day-to-day goods also services.
Singapore has actually gone up eight places to become the 5th most expensive city globally for expatriates. This was one of the findings of the most recent price of living study posted by ECA International.
Hong Kong dropped coming from its top spot in 2022’s positions by ECA to become the second most pricey city. It was beat by New York this particular year, marking the end of Hong Kong’s four-year reign on top.
“Singapore’s progress is significant. Increased interest for rental accommodation in the Lion City, generated by factors such as the earlier loosening of Covid-19 restrictions contrasted to various other key places in the region, was not matched by equivalent increases in the source of ideal accommodation,” says ECA International’s regional supervisor of Asia Lee Quane.
“Prices for products and also solutions in Hong Kong rose at multi-year highs, showing that the city was not spared from the rush of inflation we have seen throughout the globe in the last year,” states Quane. However, the city dropped this year because the increase in costs of everyday items and services was toughened up by falls in accommodation expenses, he includes.