Singapore is among the top 10 cities when it comes to expenses for expatriates. It is also one of the 5 most costly cities in Asia allowing with Tokyo, Hong Kong, Osaka, and Beijing. The maximum costs are incurred in case of rent, schooling and transport. However, there are several ways of minimizing cost of living in Singapore.
Rent costs can be reduced if several people share an apartment or if they live in HDBs (Housing and Development Board. One more option could be staying away from downtown Singapore. However, such a move is unlikely to be much effective as real estate prices in the south Asian country are always on an upward curve.
There are several other factors that play an important role in determining the costs and standards of living in Singapore – the condition and location of the property in question. It is advisable that people opt for public transport in the country as purchasing and maintaining private vehicles is a costly affair.
Fees at international schools in Singapore can approximately range from S$6,000 to S$20,000 on a yearly basis. Such expenses could have a significant bearing on one’s budget in Singapore. There are good job opportunities in Singapore.One can refer to the job sites or can take the help of the placement consultants of Singapore in order to get a good job.
As per estimates of Singapore Education, international students end up spending almost S$750 to S$2000 per year. In case of students who have scholarship facilities and whose accommodation expenses are taken care of monthly expenses could range from S$200 to S$300 approximately.
When it comes to comparison housing costs are significantly more for people who move over from countries such as Philippines or India. Various agencies such as Xpatxperience have analyzed that it is necessary to earn at least S$78,000 per year to meet expenses and maintain a decent lifestyle.
Tax is an important consideration while determining the expenses in Singapore. Taxes are lower in Singapore compared to the rest of Asia, Europe and Australia. It is advisable for overseas professionals to ask for school and housing expenses to be covered while deciding on their salaries.
Residents should also avail FairPrice while shopping for groceries. In case people want to stay fit they should go for community gymnasiums. For other personal expenses such as books purchasing second hand books to start with or renting them can be recommended.
The rates for housing properties within the main city vary from $4000 to $25,000 depending on the type of property. For residential properties outside the main city, rates range from $1500 to $6000.