The Most Expensive Cities in Asia Pacific 2024
2024-07-02
In the dynamic world of international professional life, navigating living costs is crucial. In Asia Pacific where the blend of booming economies and sprawling cities makes for an intriguing cost-of-living landscape Japan, Australia and New Zealand cities are moving up the rankings.
Singapore and Hong Kong Most Costly
Leading the pack, Singapore narrowly clinches the title as the priciest city for international expat professionals in Asia Pacific, sporting a Cost-of-Living Index (COLI) of 116.1. Hong Kong trails closely with a COLI of 115.8, both towering over New York's benchmark index of 100. The hefty price tag of living in these cities primarily stems from housing costs, gobbling up about 30% of an expat's budget. With space at a premium and high earners flocking, it's no wonder costs are sky-high.
Ashgabat Third Most Expensive City
Ashgabat has retaken third place from Sydney with a COLI of 97.5, indicating dynamic shifts within the region. The Turkmenistani government maintains strict currency controls, leading to a significant disparity between the official exchange rate and the black market rate. This creates an artificial inflation in prices for goods and services when converted to foreign currencies. In addition the reduction or removal of government subsidies on essential goods and services has led to higher living costs for residents and expatriates alike. When goods are imported, the costs are high due to tariffs, transportation, and bureaucratic hurdles, contributing to higher retail prices.
Japan Downward and Australia Upward Trend
The cost of living in cities in Japan is becoming cheaper in global USD terms, on average around 30% lower than New York City, offering some solace in the cost-of-living crunch. This is largely due to the yen dipping to a 53-year low against the dollar. Conversely Australia now have 3 cities in the top 10 most expensive list for Asia Pacific, with Sydney 4th, Canberra 8th and Perth 10th most expensive.
Wellington and Auckland
Wellington deserves a special mention, ranking sixth in the Asia Pacific. This climb reflects New Zealand's economic realities, from high minimum wages to robust demand for resources, amplifying the cost pressures for expats. Alongside Wellington, Auckland and Canberra have also made their mark, highlighting the widespread nature of the cost-of-living ascent in the region.
The Top Ten Rundown
To sum up, the most expensive cities in Asia Pacific for 2024 are a mix of the usual suspects and some new faces. Here's a quick list to keep handy:
- Singapore
- Hong Kong
- Ashgabat
- Sydney
- Shanghai
- Wellington
- Auckland
- Canberra
- Macao
- Perth
Each of these cities tells a story of economic dynamics, housing markets, and expatriate life, underscoring the complex interplay between costs and living standards. For expats navigating these waters, understanding the nuances of each location's cost profile is key to managing life abroad. Whether it's the towering skylines of Singapore or the scenic vistas of Sydney and Wellington, the Asia Pacific region continues to be an exciting, albeit pricey, stage for the global expatriate community.
Use Xpatulator’s Cost of Living Calculators and Tools for informed decision-making about the cost of living and the salary / allowance / assignment package required to maintain the current standard of living.