Expats looking for a move to Singapore stung by rising living costs
- Foreign workers heading to the city state hobbled by soaring home rents, inflation and international school fees
- But despite rising expenses, Singapore’s facilities and tropical lifestyle may remain attractive to expats relocating to Asia
Though moving down one notch to second place in a global ranking of the world’s most expensive cities last year, Singapore remained the most expensive hub in Asia, with Hong Kong placed fifth globally and Dubai 74th.
Inflation in Singapore rose to a 9-year high in February, well ahead of rival Dubai’s latest reading of about 1 per cent.
At the same time, rents, which typically eat up the largest portion of an expat’s pay cheque, jumped to a seven-year high in the island nation, with analysts anticipating further increases as demand outweighs supply.
In contrast, rents had fallen in Dubai for nearly five straight years before increasing 0.3 per cent in February, while Hong Kong’s rents have now risen for seven consecutive months after falling for 19 straight months between 2019 to 2021.
Rising home prices prompted Singapore’s government to place curbs on foreigners buying private property last year.
