Living in a major city in Asia can be quite expensive, especially in financial hubs like Hong Kong and Singapore. According to data from Numbeo, the monthly rent in Shanghai’s city-center is around $2,700. However, in cities like Hong Kong and Singapore, the cost of living is even higher. A family of four can expect to spend an estimated $9,000 a month to live in these cities, making them some of the most expensive places to live in the world.
One of the reasons for the high cost of living in Singapore and Hong Kong is their popularity among expats. These cities attract people from around the world who are looking to boost their careers. The strong economic situation and numerous opportunities in these cities make them desirable locations for expats. As a result, the demand for housing has increased, leading to skyrocketing rental prices.
Hong Kong, in particular, has always been known for its expensive rental market due to the limited supply of housing and the influx of people moving into the city. Singapore has also seen a significant increase in housing rentals in recent years. However, there has been a slight stabilization in prices in Singapore, with private housing rentals falling for the second consecutive quarter.
According to a report from HR consultancy Mercer, rental prices in Singapore fell by 1.9% in the first quarter of 2024, following a 2.1% drop in the last quarter of 2023. This is a positive sign for renters in the city who have been facing high housing costs. Despite the recent decrease in rental prices, Singapore and Hong Kong remain some of the most expensive cities to live in, especially for expats.
Living in major Asian cities like Hong Kong and Singapore comes with a hefty price tag. The high cost of living, especially in terms of housing, can make it challenging for both locals and expats. While there have been some fluctuations in rental prices in recent months, these cities continue to be among the most expensive places to live in the world. It’s important for anyone considering a move to these cities to be well-informed about the cost of living and plan accordingly.