In 2017, 4 of the top 5 most expensive cities in the world can be found in Asia, according to research from The Economist Intelligence Unit’s Worldwide Cost of Living Survey. Singapore was anointed the most expensive city in the world by the EIC. This is the 4th consecutive year in a row that Singapore was named as having the highest cost of living by the survey.
Hong Kong was ranked as having the 2nd highest cost of living in the world and was joined by Tokyo and Osaka in the top 5. The two Japanese cities had fallen in recent years, but moved up in 2017 thanks in part to a sustained recovery in the strength of the Japanese yen. Tokyo was ranked as the world’s most expensive city until 2012.
Half of the top 10 is comprised of Asian cities with Seoul also making the list. Western Europe put 4 cities on the list including Zurich, which was the 3rd most expensive city worldwide. New York City is the only North American city to be ranked in the top 10.
It is not all bad news for those living in Singapore, however. The city still offers relative value in some categories the survey uses to rank cost of living. For example, personal care, household goods and domestic help costs in Singapore remain cheaper than other countries on the list. The survey did note that Singapore is still the most expensive place in the world to buy and run a car and is the 2nd most expensive place in the world to buy clothes.
Prices for food and drinks in Singapore are similar to what is found in Shanghai and cheaper than in other Asian cities. Seoul, Tokyo and Osaka were ranked as being the 3 most expensive places in the world to buy staple foods.
Those looking for a little relief when it comes to cost of living should consider India. It is home to 4 of the 10 cheapest cities in the world with Bangalore, New Delhi, Chennai and Mumbai all making that list. The EIC survey did add that cheaper cities also tend to be less liveable for a number of reasons.
Receive the latest property news on email from Thailand’s No.1 property website here, or read more project reviews
