Singapore is the fifth most expensive expat city in the world: ECA International
Singapore has gone up eight positions to end up being the 5th most expensive city worldwide for expatriates. This was one of the findings of the latest expense of living research study published by ECA International.
Generally, cities in the Asia Pacific location viewed their rankings roll this year, however South Korea’s Seoul and Myanmar’s Yangon bucked the trend to climb up a few places. Seoul climbed one area to 9th in the positions, and also Yangon increased four spots to 167.
“Singapore’s rise is notable. Increased necessity for leasing dwelling in the Lion City, generated by factors including the earlier relaxation of Covid-19 regulations compared to other key locations in the region, was not matched by equivalent boosts in the source of suitable accommodation,” claims ECA International’s local supervisor of Asia Lee Quane.
A rise in rental expenses in Seoul, generated by a tightening of rental source, was the hidden factor supporting the greater cost of living. While in Yangon, the surge was due to recurring socio-political problems creating significant inflation for day-to-day products also services.
Hong Kong went down from its leading slot in last year’s positions by ECA to come to be the second most costly city. It was beat by New York this year, noting the end of Hong Kong’s four-year reign on top.
“Expenses for items and solutions in Hong Kong rose at multi-year highs, showing that the city was not spared from the surge of inflation we have viewed all throughout the globe in the last year,” claims Quane. However, the city slipped this year because the increase in prices of daily goods and services was toughened up by falls in dwelling prices, he adds.
