Cost of Living in Singapore
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Cost of living in Singapore is famously high as it is consistently ranked as the most expensive city in the world to live, according to data from The Economist Intelligence Unit Worldwide Cost of Living Survey, and maintains the title for 2019. Fortunately, many foreigners – especially from the Asia-Pacific region – are drawn to the energetic city for the commensurate pay packets, which make living in Singapore more affordable and mean that professionals can return to their native countries with a good amount of savings..
Depending on your skill set, background, education and earning potential, the cost of living is relative. On basic comparisons, the figures of the report show that certain items are expensive to buy in Singapore, whilst others are reasonably priced.
Living the Good Life
The biggest reason the basic cost of living in Singapore is expensive is that resources such as land are scarce. This is why, Singapore suffers from high land prices, as the island is home to more than 5.5 million people squeezed into an area less than 1000sqkm in size. Pricey land equals higher rents and property purchase prices, which in turn force businesses to increase their costs to cope with overheads and so it goes.
The fact is that the vast majority of people who move to Singapore do so to take highly paid roles in corporate jobs. Highly skilled labour is at a premium throughout the world, and Singapore has a lot of it. This in turn affects the average lifestyle, with the recent government Singapore Expenditure Survey stating that Singaporeans across all pay grades enjoy a higher standard of living than other countries, and 89% of residents own their own homes, even in less expensive types of housing.
Cost savings in Singapore
As well as high living standards to offset the cost of living in Singapore, the country itself is excellent value for money in ways that other countries are not. The small size of the nation has resulted in a higher level of infrastructure. Basically, nowhere is too far from the CBD, which makes getting around easier. The introduction of the Mass Rapid Transport (MRT) scheme, considered one of the best in the world, means you can rent a large house for your family outside the city’s main district yet get to work on time day in, day out.
People moving to Singapore from countries like the United States or Canada will notice a huge cut in transport costs. For many, there is no point owning your own car, as public transport makes much more sense, saving on the fuel, registration, repairs and insurance required for a private vehicle. As the average Western salary package includes incentives, such as a large outlay for vehicles, including fuel and insurance, this can be converted into significant cost-savings.
The most you’ll likely pay on transport is to relocate internationally when you first move to Singapore, so to ensure this part of your new life in the Lion City goes smoothly, contact the world’s best removalist teams at Allied to help you pack up your household and get you there safely.