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Singapore ties with Zurich as world’s most expensive city to live while Hong Kong slips one spot to fifth in latest EIU study
- The city state ‘has the world’s highest transport prices’ and is ‘among the most expensive places for clothing, groceries and alcohol’
- Four mainland Chinese cities saw their rankings plunge amid a weaker yuan and subdued consumer demand
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Singapore remained the world’s most expensive city, taking pole position for the ninth time in 11 years, while Hong Kong slipped one notch to rank fifth among 173 countries, according to a study by the Economist Intelligence Unit (EIU).
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Southeast Asia’s financial hub tied with the Swiss city of Zurich as the world’s priciest place to live in the latest edition of the survey, which has been carried out for more than 30 years.
“While Zurich’s rise reflects the strength of the Swiss franc and high prices for groceries, household goods and recreation, Singapore continues to see high price levels across several categories,” the report said.
“The city state has the world’s highest transport prices, owing to strict government controls on car numbers. It is also among the most expensive cities for clothing, groceries and alcohol, due to its success as a premier location for business investment.”
As one of the world’s top magnets for professional talent, Singapore has seen demand for accommodation surge, with home rents rising by a cumulative 50 per cent since 2021, according to a Knight Frank report earlier this month.
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Singapore beats Japan with world’s most access-friendly passport in 2023
Singapore beats Japan with world’s most access-friendly passport in 2023
The property consultancy forecast that rents are likely to moderate in the coming quarters as the number of new residential units catches up with demand.
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