Singapore is 13th most expensive city globally for expats: ECA
/ EdgeProp Singapore |
Singapore has retained its ranking as the 13th most expensive city globally for expatriates, according to data compiled by ECA International (Photo: Samuel Isaac Chua/The Edge Singapore)
SINGAPORE (EDGEPOP) - Singapore has retained its ranking as the 13th most expensive city globally for expatriates, according to data compiled by ECA International. In its latest Cost of Living rankings — which tabulates a comparison of living and accommodation costs faced by expatriates around the world in 207 cities — Singapore’s position remains unchanged from last year, despite significant price rises.
“The fact that Singapore retained its ranking as the 13th most expensive location globally despite higher-than-average inflation of 5%, which was fuelled by rising costs for rents, utilities and petrol, may come as a surprise to some,” says ECA's Regional Director of Asia Lee Quane, in a June 7 press release.
The higher costs, however, were offset by a weaker Singapore dollar, adds Quane. “The Singapore dollar has weakened against regional currencies, such as the yuan, and the US dollar at the same time, mainly due to a sharp slowdown in manufacturing and exports during the latter part of our survey period.”
Source: ECA International
Singapore is the seventh most expensive Asian city while Hong Kong topped the global rankings as the world’s most expensive place for foreign workers, maintaining its position from last year. This is despite prices rising at a lower rate in the Special Administrative Region compared to other similar locations worldwide. Quane attributes this to the strength of the Hong Kong dollar, which is pegged to the US dollar, in the past year.
Meanwhile, many mainland Chinese cities have continued to rise in the rankings, with four cities now included in the 15 most expensive cities globally. Shanghai is also now the third most expensive city in Asia, after Hong Kong and Tokyo.
Also, Japanese locations have all dropped in the latest rankings as the yen weakened due to unexpectedly higher inflation, alongside negative interest rates. Tokyo, in particular, has fallen three places to fifth in ECA’s global rankings.
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