Cost of living index score of megacities APAC 2023
South Korea's capital Seoul had the highest cost of living among megacities in the Asia-Pacific region in 2023, with an index score of 78.9. Japan's capital Tokyo followed with a cost of living index score of 73.7.
Affordability
In terms of housing affordability, Japanese megacity Nagoya had the highest rent index score in 2023. Affordability has become an issue in certain megacities across the Asia-Pacific region, with accommodation proving expensive. Next to Nagoya, Chinese megacities like Shanghai and Beijing boast some of the highest rent indices in APAC.
Increased opportunities in megacities
As the biggest region in the world, it is not surprising that the Asia-Pacific region is home to 28 megacities as of April 2023, with expectations that this number will dramatically increase by 2030. The growing number of megacities in the Asia-Pacific region can be attributed to raised levels of employment and living conditions. Cities such as Tokyo, Shanghai, and Beijing have become economic and industrial hubs. Subsequently, these cities have forged a reputation as being the in-trend places to live among the younger generations. This reputation has also pushed them to become enticing to tourists, with Tokyo displaying increased numbers of tourists throughout recent years, which in turn has created more job opportunities for inhabitants. As well as Tokyo, Shanghai has benefitted from the increased tourism, and has demonstrated an increasing population. A big factor in this population increase could be due to the migration of citizens to the city, seeking better employment possibilities.
Affordability
In terms of housing affordability, Japanese megacity Nagoya had the highest rent index score in 2023. Affordability has become an issue in certain megacities across the Asia-Pacific region, with accommodation proving expensive. Next to Nagoya, Chinese megacities like Shanghai and Beijing boast some of the highest rent indices in APAC.
Increased opportunities in megacities
As the biggest region in the world, it is not surprising that the Asia-Pacific region is home to 28 megacities as of April 2023, with expectations that this number will dramatically increase by 2030. The growing number of megacities in the Asia-Pacific region can be attributed to raised levels of employment and living conditions. Cities such as Tokyo, Shanghai, and Beijing have become economic and industrial hubs. Subsequently, these cities have forged a reputation as being the in-trend places to live among the younger generations. This reputation has also pushed them to become enticing to tourists, with Tokyo displaying increased numbers of tourists throughout recent years, which in turn has created more job opportunities for inhabitants. As well as Tokyo, Shanghai has benefitted from the increased tourism, and has demonstrated an increasing population. A big factor in this population increase could be due to the migration of citizens to the city, seeking better employment possibilities.
