If you’re planning to work long-term in Singapore, be ready to spend a premium on the cost of living due to the city being the fourth least affordable city for expatriates in 2018.
A survey showed that six out of the top 10 most expensive cities for expats are in Asia. Hong Kong topped the list due to its surging property rental prices, while Tokyo ranked second on the list.
Countering High Prices
Despite the increased cost of living in Singapore, the city-state’s high salaries and stable economy make up for high consumer prices in the city. For instance, the monthly subscription price of Internet with an 8-Mbps connection costs $41. However, workers enjoyed a 3.2% increase in salaries in 2017 even after adjusting for inflation, according to the Ministry of Manpower.
VSAT satellite services are a better option for those who want to take advantage of Singapore’s fast Internet connectivity. While the cost of living has become more expensive, telecommunication providers offer attractive rates due to increasing competition.
Other Expensive Cities
Most cities in Japan fell on the survey’s rankings due to the weaker Japanese yen against the U.S. dollar. The opposite happened in Shanghai and Beijing, which respectively ranked as the seventh and ninth most expensive cities because of the stronger Chinese yuan.
Beijing replaced New York, which fell to the 13th spot as the dollar also weakened against other major currencies. Zurich and Bern are not only the most expensive cities in Switzerland and Europe but also among the top 10 worldwide. Other European cities such as London and Paris jumped several places to 19th and 34th, respectively.
Expats may have to spend more when they work in Singapore, but the salary growth should make up for this. What do you think about working in a city with a high cost of living and attractive salaries?