S’pore among top 10 most expensive locations in Asia: survey

Source : Channel NewsAsia – 10 Jun 2009

Cost of living in Singapore continues to be high, propelling it into the top ten most expensive locations within the region.

A report by human resources consultancy, ECA International, found that Singapore is the 10th most expensive city in Asia and 72nd worldwide.

The firm said price rises have not slowed down as much in Singapore as in other parts of Asia in spite of its weakened currency.

In addition, currencies of locations which were previously more expensive than Singapore – like London and Stockholm – have depreciated at a faster rate than the Singapore dollar.

This has led to Singapore becoming more expensive for visitors than many other locations in the survey.

Topping the list for the most expensive city in Asia is Japan’s Tokyo, while Angola’s Luanda is the most expensive city in the world.

In all, four Japanese cities, Tokyo, Nagoya, Yokohama and Kobe, made it to the top five most expensive places globally.

ECA International said the cost of living in Asia has become more expensive as Europe and the US are bearing the brunt of the recession.