An annual study has found that Hong Kong is no longer the world's most expensive place for expatriates to live, losing its title to New York.

Human resources consultancy ECA International attributed the drop to falling home costs, despite local inflation rising to "multi-year highs".

“Hong Kong fell in our rankings as increases in prices of day-to-day goods and services were tempered by falls in accommodation costs in the city,” the firm’s regional director of Asia, Lee Quane, said.

Hong Kong had been the most expensive city in the study every year since 2019.

Meanwhile, regional rival Singapore was the fastest riser, going up eight places to fifth. ECA said a lack of housing there saw rents rise significantly.

Geneva and London have been ranked the third and fourth most expensive cities to live in.