SINGAPORE: A survey has ranked Singapore as the ninth most
expensive location in Asia to live in.
According to human resources consultant ECA international,
Singapore's currency has been strong relative to other major
currencies in the region.
Furthermore, it said prices of goods and services commonly
purchased by expatriates have risen at much faster rates here than
in other developed locations.
Globally, Singapore has gained six places in ECA's global rankings
and is now in 67th position, overtaking locations such as Guangzhou
and Shenzhen.
ECA International said Singapore's rise up the list continues a
long term trend.
Tokyo is the most expensive city in Asia and the world, regaining
its status as the world's most expensive place to live in for the
first time in five years.
Joining Singapore and Tokyo in Asia's top ten are the Korean cities
of Seoul and Busan as well as Hong Kong, Beijing and
Shanghai.
ECA International said currency fluctuations continue to be the
main factor impacting the ranking of Asian locations.
The strengthening of Asian currencies over the past year, on the
back of strong economic performance, has contributed to the higher
costs
Conversely, locations in mainland China have become cheaper, with
Shanghai falling 18 places and Beijing dropping 29 places.
This is due mainly to the pegging of the Chinese yuan to the
weakened US dollar.
Shanghai is China's most expensive city followed by Beijing and
Guangzhou.
Norway's Oslo is the second most expensive city in the world and
the most costly European nation.
ECA International said the strengthening of the krone against major
currencies, an upward trend in oil prices and a short-lived
recession contributed to its rise.
- CNA/vm