The cost of living for foreign professionals in Singapore has been rising steadily, in line with the strengthening local currency.
According to ECA International’s latest cost of living research, the island state is now the 10th most expensive city in the world in which to be an expatriate.
Singapore rose 13 places in the rankings over the past five years, although it dropped one place from ninth in the latest survey.
Lee Quane, Asia Regional Director for ECA International, says Singapore is now more expensive than many Australian cities – which compete directly against it for the best mobile talent.
“In spite of relatively low levels of inflation in the past 12 months, a strengthening currency versus the Australian dollar and slightly higher rates of inflation for international assignees has pushed Singapore above locations in Australia over the past five surveys,” he said.
In the Asia-Pacific region, Tokyo remains the most expensive city for expatriates, followed by Hong Kong.