Singapore has been rated by human resources consultancy ECA International as Asia’s eighth most expensive city for expatriates in its latest cost of living survey, reported TodayOnline.
Globally, the city-state was ranked the 18th most expensive city for expats.
Shanghai, Beijing and Hong Kong topped ECA’s Asia rankings, while Zurich, Geneva and Bern emerged as the world’s top three most expensive cities.
After being ranked behind Singapore last year, Hong Kong has now overtaken the republic and is five places above it.
ECA attributed Hong Kong’s rise up the rankings to the relative strength of its currency over the past 12 months. Prices of goods and services within ECA’s shopping basket for Singapore last year were one percent higher than for Hong Kong. However, this year, the said prices were eight percent less compared to Hong Kong.
The ECA survey calculates the cost of living based on the allowance needed to purchase a basket of like-for-like consumer goods and services that are commonly purchased by expats in over 450 locations worldwide. However, this basket does not include certain living costs that are usually covered by separate allowances, like utilities, accommodation rental, school fees and car purchases.
Last month, the Asian Competitiveness Institute (ACI), a research centre under the Lee Kuan Yew School of Public Policy, unveiled its list of the most expensive cities for expats.
Under ACI’s list, Singapore was ranked as the most expensive city in Asia and fourth globally.
ACI looked at wages, purchasing power and cost of living for expatriates across 103 key cities. The results were based on 2013 data, which was the most recently available when the study was conducted.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
