New York has leapfrogged Hong Kong as the world’s most expensive city to live in as an expat, while skyrocketing rents saw Singapore crash into the top five, according to a new study.
The Southeast Asian financial hub’s rise “was due largely to major increases in accommodation costs,” said ECA International’s Regional Director for Asia, Lee Quane. Increased demand for rental homes, partially driven by the earlier relaxation of Covid-19 restrictions compared to other key locations in the region, was not matched by corresponding increases in the supply of accommodation.
While most European cities rose in rankings, Norwegian and Swedish cities fell on weak currencies and French cities slipped on lower inflation rates compared to EU peers
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