Seoul, third most expensive city for foreigners in Asia-Pacific

By Kim Jae-heun

Living costs for foreigners residing in Seoul were ranked the third highest in the Asia-Pacific region, last year.

According to a report by consulting company, Employment Conditions Abroad Limited, or ECA International, the index of living costs for foreigners in Seoul ranked 11th globally, up one from that of 2016.

Luanda in Angola became the most expensive city to live in, up one spot from the previous year, while Khartoum in Sudan ranked second, skyrocketing up 19 places. Five years ago, the African capital was one of the least expensive cities to live in.

Tokyo, which ranked number one in 2016 as the most expensive city to live in for foreigners, fell to eighth.

Yet, the Japanese capital remained in the top position in the Asia Pacific, as Hong Kong dropped from second to fifth. The living costs for foreigners in Shanghai and Beijing climbed three levels up from seventh to fourth, and eighth to fifth, respectively.

Seoul ranked third in the Asia-Pacific region, from sixth in 2016. Yokohama and Nagoya fell four places each from second and fourth, respectively.

The living costs in Seoul and Chinese cities have risen by a big span, pushing out Japanese cities. Singapore ranked ninth and Busan ranked 10th.

ECA International has been reporting cities with high living costs for foreigners over the past 45 years and its data is widely used as a reference point for businesses.

Twenty-six Asian cities, including Seoul, Tokyo, Hong Kong, Shanghai and Beijing, ranked among the top 50 most expensive cities globally; and among them 14 were in China. Only three cities each from EU countries and the U.S. were included in the top 50 most expensive places to live for foreigners.