Mumbai, renowned for its bustling markets and Bollywood glamour, has claimed the title of the most expensive city for expatriates in India, surpassing the capital city of New Delhi, according to a study.
Bengaluru, Hyderabad, and Kolkata follow next in that order, according to the cost of living research published by ECA International.
The study takes into account the cost of consumer goods and services, including rental costs in areas generally populated by expats, to offer a comprehensive insight into living expenses.
ECA International’s study analyzed living costs in 207 cities across 120 countries and territories, providing insights crucial for expatriates and businesses alike.
On the global front, the study ranked New York as the most expensive city for expatriates. Hong Kong followed as a close second, with Geneva and London ranking in third and fourth positions respectively.
Notably, Singapore saw a significant jump in the rankings, soaring eight places to secure the fifth spot, largely due to rapidly escalating rents in the aftermath of the Covid-19 pandemic.
The city-state is one of the few locations in Asia that moved up the rankings this year.
“The fall of many Asian locations in our rankings can be attributed in part to lower rates of inflation relative to other regions included in our research. However, some locations bucked this trend,” said Lee Quane, regional director–Asia at ECA International.
Singapore’s climb can be attributed to a higher demand for rental accommodations, which was not matched by an increase in supply. This demand was propelled by factors such as the early relaxation of Covid-19 restrictions when compared with other key locations in the region.
For expatriate rentals, Hong Kong emerged as the most expensive location with average monthly costs of $10,929. New York followed in second place with monthly rents averaging $10,101.
Tokyo and London came next in line. European cities also saw significant increases in rents, with Lisbon and Madrid both skyrocketing 45 places and Dublin witnessing an increase of up to $880 in rents.
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