Hong Kong is the one Expensive Cities in Asia

Living in Hong Kong just received just a little pricier. In a listing with the world’s most pricey cities for expatriates, Hong Kong rose to 32nd place from 52nd in 2009, according to a report launched Thursday. ECA International, a consultancy that functions with 1,500 multinational firms, collected cost-of-living data of 400 cities world-wide, the outcomes of that are employed to help decide cost-of-living allowances for its purchasers. Japanese cities dominated the prime from the list, largely simply because with the yen’s strength: Tokyo cinched the title as the most expensive metropolis, from third location in 2009. Nagoya, Yokohama and Kobe came in 3rd, fourth and fifth, respectively. Luanda, Angola, probably the most pricey metropolis last yr, dropped to 2nd this year. The report takes into consideration meals, clothes and drink costs for its rankings, but not lease because companies typically offer a separate housing allowance, ECA mentioned. Total, Asian cities rose in rankings with all the strengthening of several of its currencies, such as the Korean won, Singapore dollar, Thai baht and Japanese yen. About 70% of your 50 Asian cities surveyed rose in world-wide rankings in contrast with last 12 months. But as Asian cities remained strong on the list, European cities took a hit simply because of your weakening euro. Paris, for example, fell to 24th this yr from 16th final year. Looking at Asian cities, Hong Kong dropped to sixth most pricey city inside the region, from fifth last year. Seoul moved as much as fifth place from seventh, largely as a result of the won rebounding, mentioned Lee Quane, ECA’s Asia-Pacific regional director. Singapore, on the other hand, inched up appropriate behind Hong Kong, ranking No. 8 in Asia and No. 42 world-wide. Hong Kong’s cost-of-living difference was 15% increased than Singapore’s in 2008; in 2010, the difference is 2%. A 2009 ECA report found Hong Kong within the top rated ranking of most expensive housing expenses. Monthly rent for a three-bedroom apartment in an expat neighborhood in 2009 price about US$9,100, compared with US$7,500 in New York and US$6,000 in London. So is Hong Kong nonetheless appealing to businesses? Yes, mentioned Mr. Quane. “There are cheaper places in Asia exactly where people can arrange regional headquarters,” he stated. “But there is a cause why companies are nonetheless transferring workers and regional operations to Hong Kong. It’s got a market right here.”

via Crossposterous