According to ECA International, Tokyo is the most expensive city in the Asia
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The most expensive cities in Asia
Research by ECA International
8 December 2011: Tokyo tops the ranking again, regionally and globally The Japanese yen has remained strong and Tokyo remains the most expensive location in the region. For the second consecutive year, it is also the most costly globally. TABLESingapore, which has moved rapidly up the global ranking to 31st place in recent years, has firmly secured its position among Asia's top ten, moving from 8th to 6th position over the last year. Not only has the Singapore dollar continued to strengthen against major currencies but the actual price of goods and services in ECA's cost of living basket has gone up by around 5.7 per cent on average over the last twelve months.
The most expensive locations in mainland China are Beijing, in 35th position globally, and Shanghai in 41st. Of the Asian locations surveyed, Chinese provincial capitals have experienced the largest climbs up the global rankings: Chengdu rose 21 places to 144th place and Wuhan up 20 places to 146. On average, the actual prices of goods and services commonly purchased by international assignees have risen by nine per cent in China in the last 12 months.
A strong won means that Korean locations have maintained their positions towards the top of the global ranking. While Seoul has only risen one place to 21 in the last year, this is still significantly higher than its position two years ago in 56th place. Within the region it ranks as the 5th most expensive location for international assignees, ahead of Singapore, Shanghai and Hong Kong.
Locations in Pakistan come at the bottom of the regional ranking, with Karachi ranked 237th globally.
Impact of rising prices
The last 12 months have seen considerable increases in the cost of food, oil and other commodities in many parts of the world. Within the region, some of the biggest increases seen in the local prices of items in ECA's basket of goods and services have been witnessed in Bangladesh (15%), Vietnam (14.2%) and India (13.3%). On average, prices have risen by just over 8% in Asia.
"While, in locations like Singapore, price inflation has worked alongside exchange rate movements to push a location up the cost of living ranking, in other cases currency fluctuations are still outweighing the impact of inflation,” explained an ECA spokesman. “For example, despite dramatic price increases in Vietnam, the devaluation of the dong earlier this year has caused locations there to drop down the ranking. So while locals will see their costs going up, the spending power of assignees will have increased due to the effect of exchange rates."
Most expensive Asian cities
|
Asia Ranking 2011
|
City
|
Global Ranking 2011
|
|
1
|
Tokyo |
1
|
|
2
|
Nagoya |
4
|
|
3
|
Yokohama |
6
|
|
4
|
Kobe |
10
|
|
5
|
Seoul |
21
|
|
6
|
Singapore |
31
|
|
7
|
Beijing |
35
|
|
8
|
Shanghai |
41
|
|
9
|
Hong Kong |
58
|
|
10
|
Busan |
63
|
|
11
|
Ulsan |
77
|
|
12
|
Taipei |
80
|
|
13
|
Guangzhou |
84
|
|
14
|
Shenzhen |
89
|
|
15
|
Jakarta |
90
|
|
16
|
Kaohsiung |
110
|
|
17
|
Shenyang |
112
|
|
18
|
Tianjin |
116
|
|
19
|
Qingdao |
119
|
|
20
|
Dalian |
124
|
|
21
|
Chongqing |
135
|
|
22
|
Bangkok |
140
|
|
23
|
Suzhou |
143
|
|
24
|
Chengdu |
144
|
|
25
|
Wuhan |
146
|
|
25
|
Xiamen |
146
|
|
27
|
Nanjing |
153
|
|
28
|
Xi'an |
155
|
|
29
|
Surabaya |
162
|
|
30
|
Kuala Lumpur |
179
|
|
31
|
Chiang Mai |
181
|
|
32
|
Metro-Manila |
187
|
|
33
|
Vientiane |
191
|
|
34
|
New Delhi |
194
|
|
35
|
Johor Bahru |
196
|
|
36
|
Mumbai |
206
|
|
37
|
George Town |
208
|
|
38
|
Colombo |
209
|
|
39
|
Ulaanbaatar |
210
|
|
40
|
Dhaka |
215
|
|
41
|
Hanoi |
217
|
|
42
|
Bangalore |
220
|
|
43
|
Ho Chi Minh City |
224
|
|
44
|
Chennai |
225
|
|
45
|
Hyderabad |
226
|
|
46
|
Pune |
230
|
|
47
|
Kolkata |
233
|
|
48
|
Islamabad |
236
|
|
49
|
Karachi |
237
|
ECA research: | World table | Europe table | Asian table |
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City Mayors accepts nominations for the 2012 World Mayor Prize
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