The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Interested in a Corporate TUD+ Membership? Access premium content, site tours, event discounts and networking opportunities
Interested in a Corporate Membership? Access exclusive member benefits today
Enquire NowEnquire
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Partner Lab
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
OtherDinah Lewis BoucherWed 08 Jul 20

The World’s 20 Most Expensive Cities

5139cc90-7cf2-4501-99f6-d7bbb760c511

Australian cities are becoming cheaper to live in according to the latest global cost of living report, which ranks the most expensive cities across the globe.

Sydney is now the only Australian city ranked among the top 100 most expensive locations for expatriates to live, having dropped 24 places to 97th position on ECA International’s index.

The city of Ashgabat in Turkmenistan took the title for the world’s most expensive location—again for expatriates—while Switzerland continues to dominate the top five locations, according to the global recruitment specialist's survey.

ECA International Asia’s regional director Lee Quane cited Australia’s weakening dollar, dropping by almost 7 per cent against the US dollar over the past 12 months, and almost 5 per cent against the Euro, as part of the reason behind Australia's drop in the rankings.

“This implies that foreign assignees in Australia will now see their money stretch a lot further than previously,” Quane said.

“The reason is mainly due to concerns over the reliance of the Australian economy on China, which has been showing some signs of slowing growth, even before the outbreak of Covid-19.”

Top 20 most expensive locations for expatriates

2020 Ranking CityCountry
1AshgabatTurkmenistan
2ZurichSwitzerland
3GenevaSwitzerland
4BaselSwitzerland
5BernSwitzerland
6Hong KongHong Kong
7TokyoJapan
8Tel AvivIsrael
9JerusalemIsrael
10YokohamaJapan
11HarareZimbabwe
12OsakaJapan
13NagoyaJapan
14SingaporeSingapore
15MacauMacau
16Manhattan NYUSA
17SeoulKorea Republic
18OsloNorway
19ShanghaiChina
20HonoluluUSA

^ Source: ECA International

The economic impact of the pandemic is evident in the latest rankings for locations first hit with Covid-19, ECA International’s Steven Kilfedder added.

Beijing dropped from 15th to 24th in the global ranking, while Seoul dropped nine places and out of the top ten list, to 17th spot.

“Similarly, as Australia and New Zealand are heavily reliant on trade with China, we can see the rippling effect in the cost of goods and services in these locations,” Kilfedder said.

“This is also a sign of consumer nervousness, which we are likely to see in other countries around the world in the coming months,” Kilfedder said.

A majority of cities in the United States saw a rise in the rankings, as the US dollar continues to perform well against other major currencies, with New York and Honolulu entering the global top 20.

While San Francisco and Los Angeles ranked 36th and 40th. This time two years ago, ten North American locations featured in the top 100.

“In uncertain times, as we are currently seeing with Covid-19 and an impending global recession, many will put their money into what is seen as ‘safe haven’ economies such as the US.

“As a result, the US dollar has strengthened—making things more expensive for expatriates living in the country than in the past,” Quane said.

▲ Sydney, which dropped 24 places to 97th place, is the only Australian city in the top 100 most expensive locations, the ECA index found.


Many European cities saw a drop in the cost of living.

Berlin and Rome continued to fall in the rankings, remaining outside of the top 100 list for overseas workers, with the value of the euro weakening slightly from the last survey.

The cost of living index, conducted since 2005, covers food, basic household goods, recreational goods, leisure activities and general expenses, such as electrical goods.

The latest data covers price changes between March 2019 and March 2020.

OtherAustraliado not useOther
AUTHOR
Dinah Lewis Boucher
More articles by this author
ADVERTISEMENT
TOP STORIES
One New Zealand Stadium BESIX Watpac
Exclusive

Rising to a Challenge: How BESIX Watpac Topped Australia’s Builders

Clare Burnett
7 Min
Exclusive

Rewards Outstrip Risk in SE Queensland Off-The-Plan Buys

Taryn Paris
7 Min
MONARK co-founders Michael Kark (CEO) and Adam Slade-Jacobson (CIO)
Exclusive

Finding the Sweet Spot: How Monark Built its $2bn Property Empire

Leon Della Bosca
6 Min
Exclusive

Sydney’s Fear of Heights Holding Back Housing

Vanessa Croll
6 Min
North Melbourne Craigieburn HB Land EDM
Exclusive

Tribunal Finding Cruels 1000-Home Melbourne Plan

Clare Burnett
5 Min
View All >
Aliria Cotswold Rise site HERO
Retirement & Aged Care

Aliria Greenlit for Toowoomba Over-50s Townhouses

Leon Della Bosca
Blackburne Plans $70m Swan River Tower in south perth
Residential

Blackburne Reveals $70m Plan for Blue-Ribbon South Perth

Renee McKeown
Build-to-Rent

BtR Platforms, Lease-Ups, Capital Go Under Microscope

David Di Marco
Unpack the state of play in build-to-rent delivery—who’s funding it, who’s building it and how projects perform at lease…
LATEST
Aliria Cotswold Rise site HERO
Retirement & Aged Care

Aliria Greenlit for Toowoomba Over-50s Townhouses

Leon Della Bosca
3 Min
Blackburne Plans $70m Swan River Tower in south perth
Residential

Blackburne Reveals $70m Plan for Blue-Ribbon South Perth

Renee McKeown
2 Min
Build-to-Rent

BtR Platforms, Lease-Ups, Capital Go Under Microscope

David Di Marco
3 Min
Aeon Residence Chatswood EDM
Residential

Shadows Lift as ‘Nightmare’ Chatswood Site Recast

Vanessa Croll
4 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/worlds-top-20-most-expensive-cities-to-live