Lee Hsien Yang shares EIU survey that ranks Singapore and Zurich as world’s most expensive cities

SINGAPORE: Sharing an article by The Economist on the ranking of the world’s most expensive cities, Lee Hsien Yang wrote: “Tied in first place this year were Singapore and Zurich”.

The younger brother of Prime Minister Lee Hsien Loong shared in a Facebook post on Thursday (Nov 30) that “Singapore is no stranger to the top spot: it has ranked as the priciest place to live in nine of the past 11 years”. According to the latest Worldwide Cost of Living survey by EIU, “Groceries, alcohol and clothing in the international business hub can cost a small fortune. The cost of a certificate needed to own a car (which the government wants to discourage) recently topped $106,000”.

“In last year’s report,  EIU predicted correctly that energy prices and supply-chain problems would ease in 2023. This year’s ends on a more pessimistic note. Interest rates are unlikely to come down soon, which will constrain economic growth”, the article in The Economist added.

Earlier this month, Singapore retained its position as the 12th most expensive city globally for retail rents, according to a recent report by real estate consultancy Cushman & Wakefield. The study reveals that the annual rent for retail space on the renowned Orchard Road was US$431 per square foot, showing a notable increase from the previous year’s US$404 per square foot.

The report, which analyzed retail rental trends across major cities worldwide, highlighted that despite maintaining its ranking, Singapore experienced a 6.9 per cent surge in annual retail rents. The city-state’s commercial hub continues to be an attractive but costly location for retailers. Globally, the report indicated a 4.8% year-on-year increase in retail space rents. The Asia-Pacific region emerged as the leader in rental cost hikes, experiencing a substantial 5.3 per cent surge. Meanwhile, the Americas and Europe reported increases of 5.2 per cent and 4.2 per cent, respectively.

Read related: Singapore retains 12th spot on list of major cities with the most expensive retail rents