The Korea Times close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Business
  • Tech
  • Bio
  • Companies
Finance
  • Companies
  • Economy
  • Markets
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
Entertainment
& Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
Sports
World
  • SCMP
  • Asia
Video
  • Culture
  • People
  • News
Photos
  • Photo News
  • Darkroom
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Sat, July 2, 2022 | 19:49
Business
Seoul World’s 5th Most Expensive City
Posted : 2008-07-23 18:28
Updated : 2008-07-23 18:28
Print Preview
Font Size Up
Font Size Down

By Kim Yoo-chul
Staff Reporter

Seoul ranked as the fifth most expensive city to live in, according to a world-renowned consulting firm, Wednesday.

Mercer's recent Cost of Living Survey, which covered 143 cities, showed Moscow as No. 1, followed by Tokyo, London and Oslo.

The survey took into account the cost of 200 items including housing, transport, food, clothing, household necessities and entertainment.

``The higher cost of living for cities such as Seoul, Singapore and India can be attributed to their highly valued quality of living,'' said Yvonne Traber, Mercer's principal research manager.

Reflecting the current inflationary pressures and the weakened dollar, the researcher pointed out the risk of higher living costs, especially for expatriate-level housing and other services. The Mercer survey is regarded as the most comprehensive cost of living survey, which helps multinational companies and governments determine compensation allowances for their expatriate employees.

In the survey, Moscow was the world's most expensive city for expats for the third consecutive year, while the Paraguayan capital of Asuncion turned out to be the least expensive for the sixth consecutive year.

Three of the world's top 10 costliest cities for expatriates are in Asia.

Besides Tokyo and Seoul, the third entry was Hong Kong.

Among other Asian cities, Shanghai climbed two rungs to 24th, while Beijing remained unchanged at 20th.

In Vietnam, Hanoi dropped 35 places to rank 91st and Ho Chi Minh city fell 40 places to 100th.

An increase in residential property prices has helped Singapore climb one notch to 13th.

Jakarta and Bangkok were 55th and 95th, respectively.

``Despite Asian cities dominating the top 10 most expensive places to live, the cost of living in Asia will not deter many companies and their employees as Asia is the current focus for foreign direct investment from multinational bodies for higher growth revenue,'' Asia Pacific Information Product Solutions chief Neo Siew Khim said.

Analysts say the external economic outlook for emerging East Asia has dimmed amid prospects for slower growth, tighter credit conditions and higher inflation, which is pushing Asian central banks to tighten their monetary policies.

yckim@koreatimes.co.kr
 
LG
LG
  • 'Crypto rebound will be more powerful than stocks'
  • Negative views of China among Koreans hit all-time high: survey
  • Bodies of child, parents found in vehicle recovered from water
  • Economic Essay Contest for University Students
  • Yoon dismisses China's claim that Korea is joining NATO's Indo-Pacific expansion
  • 1,000 people evacuated from building in central Seoul after tremor
  • Baemin, Coupang Eats scramble to retain delivery drivers
  • Ruling party's odd man out
  • North Korea blames balloons from South for COVID-19 outbreak
  • Yoon heads home after attending NATO summit in Spain
  • Korean studies struggles to grow despite success of K-pop, K-dramas Korean studies struggles to grow despite success of K-pop, K-dramas
  • [INTERVIEW] Bae Suzy shows another side in 'Anna' [INTERVIEW] Bae Suzy shows another side in 'Anna'
  • Korea's 1st queer romance reality show to hit air July 8 Korea's 1st queer romance reality show to hit air July 8
  • [INTERVIEW] Filmmaker points lens at North Korea's political prison camps [INTERVIEW] Filmmaker points lens at North Korea's political prison camps
  • Park Eun-bin plays genius lawyer in 'Extraordinary Attorney Woo' Park Eun-bin plays genius lawyer in 'Extraordinary Attorney Woo'
DARKROOM
  • Afghanistan earthquake killed more than 1,000

    Afghanistan earthquake killed more than 1,000

  • Divided America reacts to overturn of Roe vs. Wade

    Divided America reacts to overturn of Roe vs. Wade

  • Namaste: Yogis to celebrate International Yoga Day

    Namaste: Yogis to celebrate International Yoga Day

  • Poor hit harder by economic crisis

    Poor hit harder by economic crisis

  • Roland Garros 2022

    Roland Garros 2022

The Korea Times
CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Location
  • Media Kit
  • Contact Us
  • Products & Service
  • Subscribe
  • E-paper
  • Mobile Service
  • RSS Service
  • Content Sales
  • Policy
  • Privacy Statement
  • Terms of Service
  • 고충처리인
  • Youth Protection Policy
  • Code of Ethics
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group