Living in a major city in Asia can be quite expensive, especially when it comes to monthly rent. According to data from Numbeo, the cost of renting an apartment in Shanghai’s city-center can reach approximately $2,700. This high cost of housing is just one aspect of the overall expensive lifestyle in major Asian cities.
Hong Kong and Singapore are known for being among the most expensive cities to live in Asia. Numbeo estimates that a family of four would need to spend around $9,000 a month to cover living expenses in either of these cities. The high cost of living in these cities can be attributed to their status as global financial hubs, attracting expats from around the world.
One of the main factors contributing to the high cost of living in Singapore and Hong Kong is the limited housing supply. Both cities have hot housing markets, with Hong Kong being notoriously known for its expensive rental prices due to the high demand and limited supply of housing. According to HR consultancy Mercer, Singapore’s housing rentals experienced a significant increase in 2022, although prices have started to stabilize in recent months.
In Singapore, private housing rentals have shown a decline for the second consecutive quarter. The rentals fell by 1.9% in the first quarter of 2024, following a 2.1% drop in the last quarter of 2023. This trend indicates a slight decrease in rental prices, which could be a positive sign for expats and residents looking to save on housing costs in the city.
Overall, the high cost of living in major Asian cities like Hong Kong and Singapore is influenced by various factors, including limited housing supply, high demand from expats, and the overall economic situation. Expats and residents looking to move to these cities should be prepared for the hefty price tag that comes with living in these global financial hubs.