BANGKOK has been ranked the 63rd most expensive location in a cost of living survey for expatriates.

The survey, published by ECA International, also found that Singapore has experienced a significant rise in the rankings, becoming the 12th most expensive location in the world for expatriates.

“We have seen the cost of living in Thailand increase over several years now. Bangkok especially has risen by over 100 places in the space of five years, and is now the 63rd most expensive location in our list,” Lee Quane, regional director for Asia at ECA International said on Thursday.

“In doing so, it has moved into a category of relatively expensive locations in Asia. The city is now significantly more expensive than regional capitals including Jakarta, Kuala Lumpur and Manila. “Meanwhile, Singapore’s rise in our rankings is largely due to another strong year for the Singapore dollar.”

While increases in prices have been small over the past year, the strength of the Singapore dollar relative to other currencies makes Singapore the 12th most expensive location in the world and the sixth in Asia, overtaking Beijing, Busan and Yokohama from a year ago. This also marks the continuation of a longer-term trend, with Singapore rising 18 places since 2014 when it was 30th in the global rankings.

The ECA’s Cost of Living Survey compares a basket of like-for-like consumer goods and services commonly purchased by international assignees in 482 locations worldwide. ECA International has been conducting research into cost of living for over 45 years.

Hong Kong is now the fourth-most expensive location in the world for expatriates, up from 11th last year, and the second most expensive location in Asia. After being ranked in 28th place just five years ago, Hong Kong now sits only behind Ashgabat, Turkmenistan, and the Swiss cities Zurich and Geneva.

Ashgabat in Turkmenistan rose 110 places from last year. Quane said although the rise of Ashgabat in the rankings may be a surprise to some, those familiar with the economic and currency issues experienced by Turkmenistan over the past few years may have seen this coming.

“Ever-escalating levels of inflation, coupled with a prominent illegal black market for foreign currencies have pushed up the cost of imports. This implies that the costs for visitors in Ashgabat, at the official exchange rate, have increased enormously – putting it firmly at the top of the rankings,” Quane said. THE NATION (THAILAND)/ASIA NEWS NETWORK