Singapore is amongst the top ten most expensive locations in Asia despite its weakened currency, according to the latest Cost of Living Survey by ECA International.
Kahlil Adis
Asia Property Report
Singapore is amongst the top ten most expensive locations in Asia despite its weakened currency, according to the latest Cost of Living Survey by ECA International.
ECA International said this is because price rises have not slowed down as much in Singapore as in other parts of Asia.
While the prices of goods and services in China and Malaysia have increased at half last year’s pace, Singapore´s rate is down by just 25 percent.
In addition, currencies of locations previously more expensive than Singapore, like London, Stockholm and Istanbul, have depreciated at an even faster rate than the Singapore dollar.
These factors have contributed to Singapore becoming more expensive for visitors than many of the other locations in the survey.
Topping the list of the most expensive city in Asia is Tokyo followed by Nagoya, Yokohama and Kobe.
Chinese cities like Beijing, Shanghai, Shenzhen and Guangzhou also featured strongly in the top ten list.
Meanwhile Hong Kong and Singapore rank seventh and tenth respectively.
The Mongolian capital of Ulaanbaatar, is the cheapest location in Asia.
The most expensive city in the world is Luanda in Angola.
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