Singapore has been ranked as the ninth most expensive city in Asia for expatriates to live in, a spot it took for the past six months, according to a recent cost of living survey.
Compared with its ranking in 2009, it went up one notch in Asia and climbed six spots to 67th position worldwide over the same period, primarily attributed to growing exchange rates.
In clinching the ninth spot, the country beat China’s Shenzhen and Guangzhou, but was overtaken by Seoul, which jumped 12 spots in Asia to take fifth place.
Mr. Lee Quane, regional director of human resource company ECA International (Asia), which commissioned the survey, said: “Singapore’s rise continues a long-term trend.”
Prices of services and goods usually acquired by expatriates in Singapore have increased rapidly compared to other developed regional centres, said ECA.
Mr. Alvin Liew, an economist from Standard Chartered, said the growth was due to continued increase in accommodation costs, which is mainly driven by property and rental prices. “The increase is faster here with land prices, and with cars, particularly with the prices of certificates of entitlement,” said Mr. Liew.