Property News · March 14, 2016

Yep, this city is still the most expensive metropolis in the world


And its richest citizens are now “poorer”
Photo credit: OSLAN RAHMAN/AFP/Getty Images
It’s that time of the year again when the Economist Intelligence Unit (EIU) releases its Worldwide Cost of Living index, a list that compares individual prices of products, services and rental costs in 133 cities using New York City as base.
Singapore tops the list for the third consecutive year, beating other pricey locations such as Zurich (ranked no. 2), Hong Kong (3), London (6) and NYC (7).
Commodity prices in the Lion State are 11 percent higher than NYC’s. It’s also more expensive to buy clothes in Singapore, with prices 50 percent higher than in the Big Apple.
“Most significantly, Singapore’s complex Certificate of Entitlement system makes car prices excessive, with Singaporean transport costs almost three times higher than in New York,” the EIU report says.
More: What USD1 million can buy you in Singapore
The only other Asian city to make the top ten most expensive urban centres is Seoul (9). On the other end of the index are four Asian cities, Karachi (Pakistan), and India’s Bangalore, Mumbai and Chennai – the cheapest places to live on the globe.
Singapore’s top ranking continues its streak since 2014. But while the EIU list considers majority of expenses, including rental fees, the index does not factor in the cost of residences.
In recent quarters, the property market in Singapore has weakened due to government-led cooling measures. Prices of residential properties dropped nearly 4 percent in 2015, and they are expected to slide further by 3.3 percent in 2016 per Knight Frank.
More: Is SG’s real estate industry ready to roar again?
Forbes also recently released its 2016 ranking of the world’s richest people, with many real estate billionaires from Singapore making it on the prestigious list, including property siblings Philip and Robert Ng, whose USD7.6 billion fortune this year went down by USD2 billion.
Another set of property brothers, Kwee Liong Keng, Kwee Liong Tek, Kwee Liong Seen and Kwee Liong Phing, have a collective net worth of USD5 billion, lower than the USD5.2 billion reported previously.
According to a report by PropertyGuru.com.sg, the fortunes of Singapore’s real estate moguls have dwindled amid Singapore’s weak real estate market.
Read the full report on Singapore’s real estate billionaires here.

Source : property-report.com
Read more…Yep, this city is still the most expensive metropolis in the world

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