Cost of living index in Southeast Asia. (Source: ROSHI)
Singapore ranks as the most expensive country in Southeast Asia, with a cost of living index of 85.9, according to an analysis by Singapore-based fintech company ROSHI.
This high cost is driven primarily by significant increases in housing prices, where average HDB flat prices have reached $795,00 (US$532,768), and private houses average $2,755,000 (US$2,080,533).
Despite the elevated costs, Singaporeans benefit from a high quality of life, supported by rising incomes and robust government initiatives that help balance the financial pressures.
The analysis reveals that while the cost of living in Singapore is higher than its regional peers, the quality of life, infrastructure, and income levels also surpass those of neighbouring countries.
This makes Singapore’s financial landscape unique, with residents often seeing their higher expenses mitigated by other advantages.
ROSHI’s analysis also highlights that Singapore’s residents enjoy excellent infrastructure, strong government support, and access to numerous public services that contribute to overall well-being.
In contrast, other Southeast Asian countries have a lower cost of living but also face challenges such as lower income levels, less developed infrastructure, and fewer government support programs.
Singapore’s position as the most expensive country is thus counterbalanced by factors that enhance the overall living experience, making it a desirable place despite the costs.
Find out more why there’s a silver lining despite the high costs in Singapore here.
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Publish date : 2024-08-11 15:33:00
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