More and more expatriates are moving to Singapore, which is particularly attractive compared to Hong Kong, where health restrictions against Covid-19 are very strict. Even though Singapore is neither the most expensive city in the world nor even in Asia, the cost of living is far from affordable. The information site Bloomberg took stock of three expense items to help you if you are considering moving there.
1. Accommodation
Rents have not been so high for seven years and the rise should continue, according to experts. Employers sometimes cover part of the rent under expatriation contracts. If not, consider a smaller apartment or one farther from the city center, says Christine Sun, vice president of research and analytics at OrangeTee & Tie, a company that specializes in real estate for businesses.
When it comes to buying, be aware that soaring prices have prompted the Singapore government to impose restrictions on acquisitions made by foreigners.
2. Move
Rising commodity prices have pushed up transport costs, although this is less striking than in Dubai, where the cost of transport rose 20% in one year, according to the latest available data compiled by Bloomberg News.
In Singapore, if you want to buy a car, you will have to pay, in addition to the vehicle of course, a ten-year certificate which costs around 50,500 euros. Separately, Singapore has announced higher taxes on luxury cars.
3. School your children
The median annual tuition fee for international schools in Singapore was around €14,300 in 2021.
Despite all this, Singapore remains an attractive destination for expatriates. “The latest Global Financial Centers Index places the city-state in the top three for business environment and human capital,” note Bloomberg. Singapore would also be a place of choice for anyone who wants to return to a way of life that resembles the one we knew before the start of the pandemic.