Living in Singapore can be very rewarding as of the moment. The government is actually providing a lot of benefits to workers and immigrants since it aims to quickly develop through foreign help and investment. This has brought prosperity to the small island nation, with the Economic Intelligence Unit ranking it tenth in the world as the most expensive city to live in, and third overall in Asia.
Now may be the perfect time for expatriates to make their move and find their niche in the fast-growing market in order to stabilize before things start getting expensive. Singapore’s quality of life index is highly similar to that of the United Kingdom. Due to the low cost of commodities, high salaries and excellent services and benefits, people from all over the globe are expected to be flocking in the next five years.
Economists also foresee that prices will begin to rise as more and more foreign workers and investors are bringing in value to the market. Singapore’s economy, at present, ranks 54th worldwide with over 137 billion euros and their per capita GDP is valued at over 30,000 euros. Because of the very competitive actions of Singapore in terms of trade, tourism and commerce, prices can continue to rise. Cost of living in major cities is still very affordable and while economists project the gradual rising of prices, benefits and high-paying jobs are still abundant.
Food and Drinks Costs in Singapore
Singapore harvests and exports a lot of seafood. Some rich examples of these are squid, clams, lobsters and crabs. There are also a number of exotic seafood like seahorse, stingray and eel. Usual meat products are beef and pork. There are also a variety of poultry like chicken, duck and goose along with eggs. Singaporean food is very cheap and there are several places downtown and vendors selling local cuisines at roughly 2 euros or less. Chinese noodles are the staple in Singaporean cuisine and many other dishes have been influenced by many foreign recipes and cooking techniques. Buying raw goods at local markets and fish ports can save a lot and it is ideal to purchase directly from fishermen and farmers to guarantee freshness plus low price.
There are also several fruits and vegetables available depending on the season. Pineapple, rambutan and durian are common fruits produced in nearby provinces to the capital city. Vegetables include cabbage, carrots, horseradish and ginger. Singapore also produces tea, coffee, nuts, and red beans. All these come in very affordable prices sold by the kilo. The average Singaporean spends around 100 euros every month on food. Expatriates can find more expensive and delicious cuisines in fine restaurants and hotels in downtown areas. On the average, an individual eating three meals a day may spend as much as $10 to $15 for budget.
Clothes and Accessories Costs in Singapore
Locally made wares and china-made products are rampant in Singapore and cost significantly less. There are night markets and hawkers selling cheap items in bulk. Some locally made goods are also expensive. Clothing and accessories may be one thing that remains pricey in the country. Imported and branded clothes cost very much the same as in the UK. Electronics are brought in from Japan or Taiwan and cars are also shipped from Japan or the United States and Europe.
Shopping in malls and department stores tend to be pricey although most Singaporeans manage to afford the better things in life due to high-paying jobs. The average person spends around 200 euros every month shopping for clothes and wares. Trinkets and small items are still expensive but getting them directly from manufacturers and traders in nearby villages and districts can save a lot. As of 2009, The consumer prices have been falling on its fourth consecutive month and this has prompted many of the goods to become cheaper in the commercial market.
Housing Costs in Singapore
Housing in Singapore is relatively cheap. The government also provides a lot of benefits to immigrants and expatriates considering that they have invested in the local economy. Most foreigners are attracted by the low cost of housing plus extra advantages not present in other Asian countries. The economic slump is now being lifted, as market conditions for real estate commercial activity have become favorable which makes Singapore one of the growth areas in Asia.
Condominiums are also starting to grow in number especially in major cities. These are also open for full purchase for foreign businessmen willing to own Singaporean property. On the average, an apartment in the middle of the capital city can cost about 300 to 500 euros depending on the quality and type. Several agencies help foreign investors choose the right place as well as provide market analysis on how much their property will be valued in the future. More affordable homes and land are available in nearby districts. Expatriates can own land in Singapore very easily with the help of local agencies. Most expatriates prefer to purchase condominium units downtown especially if they are traveling to different Asian countries often.
Services Costs in Singapore
Several housing services are available for expatriates’ convenience. Not only are they provided with full details regarding value, future value, history, quality and rates but they also receive several tax benefits on renovation, construction or maintenance. People do not need to spend more on fees as the government ensures that their homes stay safe and in good quality. Home insurance quotes are there at very cheap prices. Agencies will continually update owners regarding changes and other strategic investments with regards to their property.
Education in Singapore is one of the best in Asia and the world. Several expatriates and foreigners send their children to study university, college and masters in Singapore. There are student benefits, loans, allowances and scholarship programs linked with other British and American institution to ensure that learning remains as optimal as possible. The literacy rate in Singapore is among the highest in the world at over 95%.
Employment Costs in Singapore
People basically come to work in Singapore so employment is very much available especially in the fields of trade, business, computer technology, engineering, architecture and health care. There are a number of agencies willing to direct foreigners into the job that is best suited to their financial needs and level of expertise. Foreign investors are highly welcome and there are already a growing number of foreign-owned businesses in the capital city.
Salaries are very high in Singapore plus citizens get to enjoy several benefits like bonuses, education for their children and medical insurance. The current world recession has only put a dent in the growth of the labor force, as the unemployment rate is at a meager 2.1%. Companies care a lot about their employees as this explains all the added advantages. Per capita GDP is expected to grow by 6% in the next few years so while commodities are growing in value, people will still be earning more than enough to afford.