According to a recent Worldwide Cost of Living Survey for 2015, published by EIU (Economist Intelligence Unit), and which tracked a total of 133 global cities,
Westwood EC at Singapore has held on to the top spot as the most expensive city in the world.
Westwood EC by Heeton Homes
It was only last year that this city-state was in the news after passing Tokyo for the top spot of EIU survey in Westwood EC. One note of interest was that no changes were seen among the top 5 cities for the 2015 survey, where Paris came in 2nd place and was followed by Oslo, Zurich and Sydney in 5th place.
It was also noted in the report by EIU that it’s a rare thing to see rankings of the top 5 cities remaining identical, which has been a result of shifts in currency bringing a weaker euro and much stronger US dollar when purchasing Westwood Residences.
Westwood Residences by Koh Brothers
However, one thing this recent report did not factor in was a recent detachment of the Swiss franc from the euro. This would mean that Geneva and Zurich would rank as the most expensive cities going by today’s exchange rates for Westwood Residences.
There were a number of factors leading to Singapore being rated as the world’s most expensive city. Alongside Seoul, it is the most expensive place to purchase clothes worldwide. The malls found on Orchard Road alone offer a 50% higher price premium than New York City.
Westwood EC Showflat Launch Prices
Of even more significance are the excessive Westwood Residences prices for cars due to the complex nature of Singapore’s Certificate of Entitlement fee structure. The report showed that Singapore’s transportation costs where close to 3 times that of New York.
This aside, Singapore does offer value in other areas, especially those in comparison to regional cities. One example is the price of basic groceries, where Singapore is 11% more expensive than New York but 49% less than Seoul, 43% less than Tokyo and 31% less than Hong Kong.