Zetland is reeling from the news that Hong Kong has lost its place as the world’s most expensive city for expatriates, now ranking second. This year’s winner is Ashgabat, the capital of Turkmenistan, a city unfamiliar to many. How a country with a GDP per capita of US$7,000—one seventh of Hong Kong’s—surpassed us is a mystery. Source: Mercer Cost of Living Survey.
While public transport and the absence of value-added tax make many things in Hong Kong relatively inexpensive, housing remains costly. The pandemic has softened the rental market, though property values are climbing again. We are confident Hong Kong will reclaim the top spot next year.
Notably, six of the ten most expensive cities for expatriates are in Asia: Tokyo, Shanghai, Singapore, Beijing, Hong Kong, and Ashgabat. Conversely, the world’s cheapest city, Bishkek, the capital of Kyrgyzstan, is also in Asia.
