According to the latest cost of living survey from ECA International, Singapore is now the 6th most expensive city in Asia for expatriates to live in, up from its previous ranking of 9th spot. Singapore also rose to the 36th spot from 68th in the global ranking in one year.
The company, which provides solutions for firms sending their staff overseas, said the continued strength of the Singapore dollar against major currencies had pushed the republic up the global ranking.
ECA International also said prices of goods and services commonly purchased by international assignees have risen at much faster rates in Singapore than in other developed locations in the region.
It said such goods and services now cost almost 3% more in Singapore than in Hong Kong while just a year ago, the same would have cost 5% more in Hong Kong.
ECA International pointed out that Singapore is now more expensive for international assignees than Hong Kong, New York, Amsterdam, Frankfurt and Shanghai.
Meanwhile, Tokyo remains the most expensive city for international assignees.
Globally, Tokyo heads the top 10 list followed by Oslo, Nagoya, Stavanger in Norway, Yokohoma, Zurich, Angola’s capital Luanda, Geneva, Kobe and the Swiss capital of Bern.
The region’s top 10 most expensive cities are:
1) Tokyo
2) Nagoya
3) Yokohama
4) Kobe
5) Seoul
6) Singapore
7) Hong Kong
8) Beijing
9) Shanghai
10) Busan
Lush Dream Home 