For nearly a decade, Singapore has consistently been named the world's most expensive city by many ranking. Anyone who is relocating to Singapore for business or employment should know that they will dig deep into their pockets while living here. So, what could be the main reason for this?
One of the factors considered by the researchers is the cost of having a car. It is no wonder most of the people in Singapore prefer to use the metro train or other public transport means because they cannot afford to obtain the highly regulated car permits. Since this is not the only reason for the high cost of living in Singapore, let us look at some of the other things causing the city to be expensive.
Cost of Clothes
Singapore has appeared on different top ten lists of the most expensive places to buy clothes. It was number three last year behind Zurich, Switzerland and Paris, France which tied for second place. Surprisingly American cities did not appear on the top ten list.
People come from all over the world to buy clothes in Singapore. But the majority of the purchases are made by business travelers and other tourists. Locals are also on the frontline promoting designer clothes in the island state.
Increasing Real Estate Value
It is widely known that owning a house in Singapore is expensive. The demand for good and luxurious houses is still high. Being a city-state reduces the number of affordable houses. Most people rent studios or any other house that can accommodate their families rather than buying a house. Before acquiring a Singapore visa to come and work here, it is crucial to research housing within your price range.
Although the government has several initiatives to promote affordable housing for all people, the upward pressure on prices as a result of demand is still high. Commercial buildings are even more expensive than in many other Asian cities whether you are renting or buying the buildings.
The state offers numerous leisure activities. Tourists come from all over the world to enjoy amazing attraction sites. As you explore these sites, you will have to pay some fees, whether to the travel agent or at the entrance. The Singapore Flyer is one of the best places to visit, and you must pay to board the observation wheel. Other great places include Sentosa Beach and a variety of museums.
Whether you are here for a holiday or business, Singapore’s accommodations offer world-class standards at a cost. They provide premium amenities like heated bathrooms and towels, satellite TV, King-size beds and expensive lounges. The furnished apartments and condo units for families on vacation are also on the more expensive side since they provide all the amenities.
There are many other factors that make Singapore expensive. Dining in a fancy restaurant could force you to pay more than in other major cities around the world. However, the Singaporeans seem to have cheaper alternatives for everything. Therefore, these high costs mainly apply to visitors who do not yet know how to cut costs. The good thing is that Singapore offers an excellent standard of living even though you must pay more for it.