The Most Expensive Cities in Asia Pacific 2024
2024-10-01
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 Australia and New Zealand cities are moving up the rankings.
The Most Expensive Cities in Asia Pacific 2024
Singapore and Hong Kong Most Costly
Topping the most expensive cities in Asia-Pacific, Singapore narrowly clinches the title as the priciest city for international expat professionals in Asia Pacific as at October 2024, with a Cost-of-Living Index (COLI) of 115.9, well above New York City's benchmark index of 100. The high cost of living primarily stems from housing costs, which comprise around 30% of an expat's budget. With space at a premium and high demand, prices are driven upward.
After being the most expensive city in Asia Pacific for decades, Hong Kong now trails Singapore closely in second place with a COLI of 115.7. Hong Kong is battling weakening consumer demand, a property crisis and geopolitical tensions. Tourist numbers are down. More residents are going to the mainland to find cheaper dining and shopping. Wage inequality is growing. Home prices have fallen to their lowest level in eight years. Shop vacancies reached a three-year high.
Sydney Third Most Expensive City
Sydney has retaken third place from Ashgabat with a COLI of 98, indicating dynamic shifts within the region. In Sydney housing, utilities, and dining out are notably expensive, whereas healthcare and transportation offer relative affordability. Australia and New Zealand now have six of the ten most expensive cities in Asia-Pacific.
Indonesia and Japan Downward and Uzbekistan and India Upward Trend
The cost of living in cities in Indonesia and Japan are becoming cheaper in global USD terms, offering some solace in the cost-of-living crunch. Conversely Uzbekistan and India are becoming more expensive in USD terms.
Wellington and Auckland
Wellington deserves a special mention, ranking fifth 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. The top ten in October 2024 are:
- Singapore
- Hong Kong
- Sydney
- Ashgabat
- Wellington
- Shanghai
- Auckland
- Canberra
- Perth
- Melbourne
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.