Living in a major city in Asia can be quite expensive, especially when it comes to monthly rent. According to data by Numbeo, the monthly rent in Shanghai’s city-center can cost approximately $2,700. However, Hong Kong and Singapore top the list for the highest cost of living in Asia. A family of four can expect to spend around $9,000 a month to live in one of these cities, as per Numbeo’s data. The high cost of living in these cities can be attributed to them being global financial hubs that attract expats from around the world.
According to a report from HR consultancy Mercer, the influx of expats into cities like Singapore and Hong Kong can drive prices up. Tracey Ma, regional mobility leader, APAC at Mercer, highlighted that Singapore is particularly attractive to those looking to advance their careers. Factors such as the country’s strong economic situation and numerous opportunities make it a popular choice among expats. Moreover, the limited housing supply and high demand in cities like Hong Kong contribute to their expensive real estate markets.
While Singapore saw a significant increase in housing rentals from 2022, prices have started to stabilize in recent months. According to Ma, private housing rentals in Singapore fell by 1.9% in the first quarter of 2024, following a 2.1% decline in the last quarter of 2023, as reported by Singapore’s Urban Redevelopment Authority. This decrease in rental prices could indicate a more stable housing market in the city-state.
Before deciding to move to a major city in Asia, it is crucial to consider the cost of living, especially when it comes to housing expenses. As seen in cities like Hong Kong and Singapore, rental prices can be significantly high, making it essential to budget accordingly. Understanding the local real estate market and economic factors that influence rental prices can help expats make more informed decisions when relocating to these cities.
The cost of living in major Asian cities like Hong Kong and Singapore can be quite steep, particularly when it comes to housing expenses. Expats looking to move to these cities should carefully consider the high cost of living and the factors that contribute to it before making the decision to relocate.