Moscow is the most expensive city for expatriates, but soaring rents in Singapore have pushed the city- state up three notches to 14th in an annual global survey of the cost of living for expatriates, a published study said on Tuesday.
The cost of living in Singapore is now ahead of New York City and Beijing, the survey by Mercer Human Resource said.
Moscow emerged as the most expensive city for expatriates for the second year in a row, ahead of London and Seoul, Tokyo and Hong Kong, according to the findings published in The Straits Times.
The rise in Singapore's ranking from 17th place has triggered concerns among human resource consultants about the cost of hiring foreigners.
The rent for an upmarket two-bedroom unfurnished apartment now costs 2,946 US dollars a month in Singapore, compared with 7,038 US dollars in Hong Kong.
Expatriates have been hit hard in Singapore with rentals rising 25 per cent to 35 per cent in the last 12 months.
Mercer Human Resource consulting director Fermin Diez told the newspaper some of his multinational clients are concerned that the rise in housing costs will affect bottom lines.
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