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