New York Ranks as the World’s Most Expensive City
Hong Kong has been dethroned from its four-year reign
Hong Kong’s Decline Mirrors a Wider Trend, while Singapore and Seoul Break the Mold
Hong Kong’s descent in the rankings echoes a broader trend across the region, as nearly all major locations experienced a decline. However, Singapore bucked the trend by ascending eight places to claim fifth spot, driven by skyrocketing accommodation costs resulting from an insufficient supply to meet rising demand. Seoul also climbed one place to secure the ninth position, primarily due to reduced housing supply caused by changes in property tax regulations.
Chinese cities, impacted by a weaker yuan and lower inflation rates compared to other nations, witnessed a decline in rankings. Shanghai and Guangzhou, once among the top 10 globally, have now slipped to the 13th and 14th spots, respectively. Similarly, cities in Taiwan and Japan experienced substantial drops in rankings, as currency depreciation offset multi-year high inflation rates.
