Living in a major city can be a dream for many people, but it comes with a hefty price tag. According to data by Numbeo, the monthly rent in Shanghai’s city-center costs approximately $2,700. This high cost of living is not limited to Shanghai, as major cities in Asia like Hong Kong and Singapore also have expensive housing markets.
Cost of Living in Hong Kong and Singapore
Hong Kong and Singapore are at the top of the list when it comes to the cost of living. A family of four can expect to spend an estimated $9,000 a month to live in one of these cities, as reported by Numbeo. These cities are global financial hubs and attract expats from around the world, which can drive prices up. According to a report from HR consultancy Mercer, Singapore is considered one of the most attractive locations for people looking to boost their careers due to the country’s strong economic situation and numerous opportunities.
Housing Markets in Hong Kong and Singapore
The housing markets in Hong Kong and Singapore are known for their high prices and limited supply. Hong Kong, in particular, has always been one of the most expensive rental markets in the world due to the amount of people moving in and the scarcity of housing. Singapore also experienced a “rocketing increase” in housing rentals, but prices have started to stabilize in recent months. The private housing rentals in Singapore fell for the second consecutive quarter, declining by 1.9% in the first quarter of 2024 after a 2.1% drop in the last quarter of 2023, according to Singapore’s Urban Redevelopment Authority.
While living in major Asian cities like Shanghai, Hong Kong, and Singapore can offer many opportunities, it comes with a high cost of living. The expensive housing markets in these cities make it challenging for individuals and families to afford a decent living space. It is important to be well-informed about the cost of living before making a decision to move to one of these cities.