Singapore has just been named the world's most expensive city in a new survey. The city-state has overtaken Hong Kong and regained the top spot for the first time in seven years.
The survey, which was conducted by the Economist Intelligence Unit (EIU), compared the prices of over 150 items in 133 cities around the world. These items included food, drink, clothing, household items, transport, and utility bills.
The report found that Singapore is now equally as expensive as New York. The cost of living in Singapore has risen rapidly in recent years due to a combination of factors, including a strong currency, high property prices, and a lack of land.
One of the main reasons behind Singapore's high cost of living is the city's housing market. Property prices in Singapore have been rising steeply over the past few years, driven by strong demand and limited supply. As a result, the cost of renting or buying a home in Singapore is much higher than in most other cities around the world.
Another factor contributing to Singapore's high cost of living is its transportation costs. The city-state has a well-developed public transportation system, but it is also one of the most expensive in the world. The cost of owning a car in Singapore is also very high due to high taxes and fees.
Food and drinks are also more expensive in Singapore compared to other cities. This is partly due to the fact that Singapore is a small island nation with limited agricultural land, which means that a lot of food needs to be imported. As a result, the cost of food and drink in Singapore is much higher than in most other cities.
Despite Singapore's high cost of living, it remains an attractive destination for expats and tourists alike. The city-state is known for its high standard of living, excellent healthcare system, and high levels of safety and security. It also has a vibrant cultural scene, with a diverse range of cuisines and activities on offer.
Read more: Four reasons to move to Singapore
For those who are planning to move to Singapore, it is important to be aware of the high cost of living and to plan accordingly. This might include finding ways to save money on housing, transportation, and food, or negotiating a higher salary to offset the higher expenses.
Overall, while Singapore's high cost of living might be a challenge for some, it is a testament to the city-state's success as a global economic powerhouse and a desirable place to live and work.
As healthcare costs in Singapore can easily reach tens of thousands of Singapore dollars in case of hospitalisation, it's important to be prepared. Subscribing to health insurance is an essential step in ensuring that you and your loved ones are protected from unexpected medical expenses.
With MyHEALTH Singapore, you can have peace of mind knowing that you are covered for any medical costs that may arise.
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