S'pore is 12th most expensive city in Asia
SINGAPORE: Singapore is the 12th most expensive city in
Asia, according to a global survey on cost of living by
international human resource company ECA International.
The country jumped 27 places, and is one of Asia's biggest
movers.
Hong Kong was ranked 6th, while Tokyo took the top spot.
For the first time, Beijing overtook Hong Kong as the most
expensive Chinese city.
The survey noted that the cost of living for Asian cities such as
Beijing, Hong Kong, Singapore and Taipei has gone up in the past
year due to fluctuating currency and inflation rates.
Cities all over the world are reeling from exchange rate
fluctuations brought on by the economic crisis.
This in turn has a big impact on the average costs of living for
expatriates.
Living costs in Hong Kong are now approximately 15 per cent higher
than in Singapore, an increase from 12 per cent last year.
According to ECA International, the last two months have seen goods
and services in Hong Kong swing from being 10 per cent cheaper than
in London to being almost 10 per cent more expensive.
Beijing is now three times more expensive than Singapore compared
to last year, while cost of living for foreigners visiting Korea
and Singapore is now almost on par.
One of the wildest swings is in Japan.
Goods and services in Japan are now 68 per cent more expensive than
in Singapore.
This is up from 43 per cent in September last year.
The unravelling of the carry trade resulting in the strengthening
of the Japanese yen is mostly to blame for this.
In contrast, Islamabad is the cheapest location in Asia.
Goods and services there are 70 per cent cheaper than in
Japan.
In Europe, Moscow is the most expensive location, replacing
Oslo.
The weakening of the pound has seen central London off the list of
the world's top ten most expensive cities.
ECA's survey is carried out twice a year and compares a basket of
125 consumer goods and services commonly purchased by expatriates
in over 370 locations worldwide.
- CNA/yt