Amid soaring inflation and accommodation costs, New York has overtaken Hong Kong as the most expensive city for expats, according to a study by ECA International. Unexpectedly, Singapore rocketed from 13th to fifth place, largely due to significant increases in housing costs. The rising demand for rental homes, spurred by an early easing of COVID-19 restrictions, was not met with an equivalent rise in housing supply. Conversely, Asian cities, in general, are slipping down the rankings due to comparatively lower inflation rates. Remarkably, Istanbul saw the most significant climb, leaping 95 spots, attributed to a drastic 80% increase in prices. ECA's analysis ranks 207 cities in 120 countries, taking into account the cost of consumer goods, services, and typical expat rental costs.
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