MarketBite

Singapore is 6th most expensive city in Asia

Posted on: December 6, 2011


Singapore rose two notches to sixth spot as the most expensive city in Asia after four Japanese cities and Seoul, owing to the strong Singapore dollar and a 5.7 per cent rise in the average price of goods and services.

Also, for the first time in at least 10 years, Singapore is deemed more expensive than Hong Kong, which turned up at ninth spot in terms of most costly locations in Asia, according to the latest Cost of Living Survey conducted by ECA International.

‘When we look at the overall cost of ECA’s basket of goods and services in Singapore a year ago, these items were 1.7 per cent less expensive in Singapore than when purchased in Hong Kong,’ says Mr Lee Quane, Regional Director, ECA International, Asia. ‘Now those same items are 8.5 per cent more expensive in Singapore than Hong Kong.’

Globally, Singapore has catapulted to 31st spot from 42nd a year ago while Japan, owing to the strong yen, retains its grip on the top spot as world’s most costly location. Hong Kong has dropped 26 places to 58th position in the global ranking – the largest fall of any city in Asia – despite the price of goods there having increased.

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