Singapore is the fifth most expensive expat city in the world: ECA International

Singapore has advanced 8 places to end up being the 5th most costly city in the world for migrants. This was among the findings of the latest price of living research released by ECA International.

A boost in accommodation costs in Seoul, generated by a tightening of rental supply, was the underlying factor supporting the higher cost of living. While in Yangon, the surge was because of ongoing socio-political concerns triggering substantial inflation for daily products also services.

Hong Kong plunged coming from its top position in 2022’s rankings by ECA to come to be the 2nd most pricey city. It was beat by New York this year, marking the end of Hong Kong’s four-year regime at the top.

“Singapore’s rise is noteworthy. Raised demand for rental accommodation in the Lion City, driven by factors including the earlier loosening of Covid-19 restrictions contrasted to other essential areas in the region, was not matched by matching boosts in the supply of appropriate dwelling,” says ECA International’s local supervisor of Asia Lee Quane.

As a whole, cities in the Asia Pacific area saw their positions topple this year, but South Korea’s Seoul as well as Myanmar’s Yangon threw the pattern to climb up a few places. Seoul climbed up one area to 9th in the positions, as well as Yangon increased 4 places to 167.

“Expenses for goods and also services in Hong Kong rose at multi-year highs, revealing that the city was not spared from the wave of inflation we have observed throughout the globe in the past year,” claims Quane. Nevertheless, the city fell this year because the boost in prices of day-to-day products and also services was solidified by falls in dwelling prices, he includes.

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