Singapore is ranked as one of the most expensive places to live in the world, with prices for necessities such as food, municipal services and rent often far more than people can afford. In this article, we’ll take a look at some of the things that make life in Singapore so expensive by unraveling the various costs of living in Singapore to help you understand when you get there.
Singapore history
Singapore’s history is a tale of two cities. The prospering southern city-state flourished under British rule, while the poor northern half was ravaged by war and floods. In 1965, Singapore became an independent nation with a strong economy and vibrant culture. Today, Singapore is one of the most expensive places to live in the world. But despite the high costs, Singapore remains one of the most stable and stable societies in Southeast Asia.
The island was established as a trading point by Malay fishermen in the early 17th century and soon became an important port for spices and other goods from India and Indonesia. Under Raffles’ rule, Singapore rapidly developed into a wealthy colonial outpost with a thriving commercial industry.
Benefits of Living in Singapore
- Extremely high quality of life:
Living in Singapore offers an excellent quality of life, with high-level public services and many opportunities for leisure and recreation. The country is also highly developed technologically, making it one of the most advanced countries in Asia.
- Strong economy:
Singapore’s economy is among the strongest in the world, offering opportunities for professional and personal growth. The country has a stable government and low unemployment rates, which makes it an attractive place to live.
- Low cost of living:
One of the main reasons people move to Singapore is because the cost of living is very low. Housing, food, municipal services, and other expenses tend to be lower than in many other countries. This enables people to save money and have a comfortable lifestyle.
- Benefits of government:
One of the main benefits of living in Singapore is the government’s commitment to providing many free social services. These services include health care, education for children, and retirement benefits. Furthermore, the government offers substantial tax reliefs that enable people to afford a comfortable lifestyle without sacrificing too much money.
- Employment opportunities in Singapore
There are many employment opportunities available in Singapore. Private sector jobs include positions such as business leaders, doctors, lawyers, accountants, and engineers.
Singapore’s Gross Domestic Product
Singapore’s gross domestic product (GDP) was measured at $331.5 billion in 2016. This makes Singapore the fourth-largest economy in the world by GDP. The main drivers of this growth have been strong exports and relatively high levels of investment. In 2016, exports were about 44% of GDP, while investments were 36%.
While Singapore has seen steady growth over recent years, it faces some challenges. These include a high level of debt, which stands at about 100% of GDP, and a relatively low growth rate compared to other developed countries. There is also concern about the sustainability of this growth given high debt levels and dependence on inflows of foreign capital.
Different costs of living in Singapore
- Housing Costs
When planning your trip to Singapore, one of the first things to consider is the cost of accommodation. Cheap hostels and hostels can be found in most neighborhoods, but if you’re looking for something a little more beautiful, a standard hotel room can easily cost you $100 per night.
If you are staying for more than three nights, it is worth considering signing up for a membership on one of the many accommodation booking websites. These sites offer discounts on fees and often have special offers that are not available for non-members.
Assuming you’re not traveling with family or friends, renting an apartment is probably the cheapest option. Apartments for rent can be found through online portals as well as agents in the main cities. The average rent for an apartment in Singapore is about $650 a month.
- Cost of nutrition
There is no single answer to the whole question of how much it costs to feed a family in Singapore, as the cost of food will vary depending on factors such as the size and type of family, where they live, and what they eat. However, a typical two-person meal can cost anywhere from $5 to $10, while a meal for three people can cost around $15-$25. In addition to food, other costs associated with feeding a family in Singapore include housing, transport, healthcare, and communal services.
- Healthcare costs
Healthcare in Singapore is expensive by international standards, though not as expensive as in some other countries in the region. The nation’s universal health care system ensures all residents are covered regardless of their income. Patients must pay a nominal co-payment for medical services, and most pharmacies offer free prescriptions.
The cost of healthcare in Singapore can be divided into two categories: public and private. The public sector includes facilities operated by the government and its agencies, while the private sector includes both commercial and noncommercial providers. In general, the private sector is more expensive than the public one, but that’s not always the case. In particular, hospitals in Singapore are much more expensive than clinics or pharmacies.