Singapore remains an expensive city for expats to live in, according to the latest survey by the Economist Intelligence Unit.
For the fourth consecutive year, Singapore has been ranked as the world’s most expensive city for expatriates and business travellers, revealed the latest bi-annual survey by the Economist Intelligence Unit (EIU).
Asian cities accounted for 50 percent of the 10 most expensive cities listed in the Worldwide Cost of Living 2017 report, with Hong Kong (2nd), Tokyo (4th), Osaka (5th) and Seoul (6th) joining the city-state.
Four cities came from Western Europe, namely Zurich, Geneva, Paris and Copenhagen, while New York City emerged as the only North American city.
Designed to help firms calculate cost-of-living allowances and compensation packages for their expat staff, the report compares over 400 individual prices across 160 products and services.
These include clothing, food, drink, household supplies and personal care items, transport, home rents, utility bills, domestic help, private schools and recreational costs.
The report noted that while Singapore topped the list, it “still offers relative value in some categories especially compared with its regional peers”.
In fact, Singapore remains significantly cheaper when it comes to personal care, domestic help and household goods, but remains the most expensive destination to buy and run a car. It is also the second most expensive place to buy clothes.
Seoul, Tokyo and Osaka, on the other hand, are the three most expensive places to buy staple goods.
“In Seoul, topping up a grocery basket is almost 50 percent more expensive than in New York,” said the report.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
