2023 Updated Price List on the Cost of Living in Singapore

Singapore has been ranked as one of the most expensive places to live in the world, with prices for basic needs like food, utilities, and rent often far exceeding what people can afford. In this article, we will take a look at some of the things that make living in Singapore so expensive by breaking down the different living costs in Singapore to help you figure it out when you get there.

History of Singapore

The history of Singapore is a tale of two cities. The prosperous southern city-state flourished under British rule, while the impoverished 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 high costs, Singapore remains one of the most livable and stable societies in Southeast Asia.

Singapore’s prosperity can be traced back to its strategic location at the crossroads of Maritime Southeast Asia and South Asia. The island was settled as a trading post by Malay fishermen in the early 17th century, and quickly became an important port for spices and other goods from India and Indonesia. In 1819, Sir Thomas Stamford Raffles established British sovereignty over the island after defeating local ruler Sultan Hussein Shah in battle. Under Raffles’ rule, Singapore rapidly developed into a wealthy colonial outpost with a thriving trade industry.

Read also: How to get Singapore Citizenship by Investment

Benefits of Living in Singapore

  • Exceptionally High Quality of Life:

Living in Singapore offers an excellent quality of life, with top-notch public services and plenty of opportunities for leisure and recreation. The country is also highly developed technologically, making it one of the most advanced countries in Asia.

  • Strong Economy:

The economy in Singapore is among the strongest in the world, providing opportunities for both professional and personal growth. The country has a stable government and low unemployment rates, which makes it an attractive place to reside.

  • Low Cost of Living:

One of the main reasons people move to Singapore is because the cost of living is so low. Housing, food, utilities, and other expenses all tend to be lower than in many other countries. This makes it possible for people to save money and still have a comfortable lifestyle.

  • Government Benefits:

One of the main benefits of living in Singapore is the government’s commitment to providing many social services free of charge. These services include healthcare, education for children, and retirement benefits. In addition, the government offers significant tax breaks that make it possible for people to afford a comfortable lifestyle without sacrificing too much money.

  • Employment Opportunities in Singapore

There are many employment opportunities available in Singapore. Jobs in the private sector include positions such as business executives, doctors, lawyers, accountants, and engineers. Many multinational companies have offices here, so there is always an opportunity for career advancement.

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 a relatively high level of investment. In 2016, exports accounted for around 44% of GDP, while investment made up 36%.

While Singapore has seen steady growth over recent years, it does face some challenges. These include a high level of debt, which stands at around 100% of GDP, and a relatively low rate of growth compared to other developed countries. Additionally, there is concern about the sustainability of this growth given the high levels of indebtedness and reliance on foreign capital inflows.

Read also: How to Immigrate to Singapore & Become a Permanent Resident

Different Costs of Living in Singapore

  1. Cost of Accommodation

When planning your trip to Singapore, one of the first things you’ll need to consider is the cost of accommodation. Inexpensive hostels and guesthouses can be found in most neighborhoods, but if you’re looking for something a little nicer, a standard hotel room can easily run you $100 per night.

If you’re staying for more than three nights, it’s worth considering signing up for a membership with one of the many accommodation booking websites. These sites offer discounts on rates and often have special offers that are unavailable to non-members.

Assuming you’re not traveling with family or friends, renting an apartment is probably the cheapest option. Apartment rentals can be found through online portals as well as agents in major cities. The average rent for an apartment in Singapore is around $650 per month.

  1. Cost of Feeding

There is no one-size-fits-all answer to the 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 the family, where they live, and what they eat. However, a typical meal for two people could cost anywhere from $5 to $10, while a three-person meal could be around $15-$25. In addition to food, other costs associated with feeding a family in Singapore include housing, transportation, healthcare, and utilities.

  1. Cost of Healthcare

Healthcare in Singapore is expensive by international standards, though not as expensive as in some other countries in the region. The country’s universal healthcare system ensures that 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 non-commercial providers. Generally speaking, the private sector is more expensive than the public sector, but this is not always the case. In particular, hospitals in Singapore are much more expensive than clinics or pharmacies.

  1. Cost of Entertainment

In Singapore, entertainment can be costly. The cost of movie tickets, for example, can be as high as $20. But that doesn’t mean that you have to cut back on your entertainment budget in Singapore. There are several ways to save money on entertainment while still enjoying the latest releases and Broadway shows.

One way to save money on entertainment is to visit the cinema less often. Instead of paying full price for a ticket and then shelling out another $10 or more for snacks and drinks, try opting for matinees or even daytime screenings during off-peak hours. Additionally, consider taking advantage of streaming services like Netflix or Hulu which offer monthly subscriptions starting at just $7 per month.

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Conclusion

Singapore is one of the most liveable and prosperous countries in the world, with a very high quality of life. The cost of living is definitely on the higher side, but it is worth it to be able to enjoy all that Singapore has to offer. There are plenty of ways to save money while living in this city-state, so if you are looking for a place to call home then Singapore should be at the top of your list.

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