Singapore: Cost of Living in 2024

Are you looking for a country to settle down in? Consider Singapore, a bustling business center where you are sure to find something for yourself. The city-state is a real draw for entrepreneurs from across the globe who come here to set up a company and take advantage of an excellent business infrastructure and tax incentives provided to non-residents. However, the cost of living is not very low: though it is 20% cheaper than in New York, London is still less expensive. And if you take Belgrade, the capital of Serbia, the cost of living in Singapore will be 2 to 3 times higher. The minimum income required to survive here is 2,000 US dollars. If you are interested in Singapore for business or other destinations suitable for relocation, you are sure to find more details on a trusted portal.

Singapore: Overview

Singapore is a city-state where the official language is English – despite the fact that three-quarters of its population speak Mandarin. It is located on an island that is home to 5.7 million people.

This multinational country is mainly composed of immigrants from India, Malaysia, China, and other destinations. The local government does its best to make the country a reputable international business hub and actively attracts capital by offering considerable benefits to investors from abroad.

Foreign entrepreneurs come here from Asia and other continents to take advantage of the simplified company registration procedure offered in this major financial and trade center. 

Singapore is also popular with tourists who enjoy the country’s stunning beaches, different tourist attractions, and natural wonders. This is a place of eternal summer – however, mind the rainy season that lasts from November to January. If you are going to spend your vacation in Singapore, you’d better choose a month somewhere between February and October.

Prices in Singapore

Here is a detailed account of what it takes to live in Singapore:

• Statistics show that expats and digital nomads spend more than the locals (the figures range between 2,100 and 6,000 US dollars).
• You will need to pay from USD 70 to 150 a month for transportation.
• Food will cost you from USD 250 to 600 a month.
• The rent varies greatly depending on the size and conditions, and you will have to pay USD 870 to 4,000 on a monthly basis.
• If the cost of living is high, what about the average salary then? Well, it equals about USD 3,400, so you will live quite well if you have a job.
• On the whole, monthly expenses will range between USD 1,500 and 10,000 depending on the quality of life you are used to.

Please make sure to study the local laws before you relocate to avoid unpleasant surprises. For instance, it is a well-known thing that chewing gum is prohibited in the country. A less-known fact is that you will be liable for a 500 SGD fine if you have an open bottle of water in a public place! These peculiarities may seem strange at first sight, but you will gradually discover that they help to create a stunning environment to live in.

Renting an Accommodation

The cost of rental will depend on the size and location, which is a standard thing. Here are the average prices:

• If all you need is a studio, the rent will vary between USD 800 and 2,000. Naturally, the closer to the center, the more expensive the studio.
• The monthly rent of a one-bedroom apartment ranges between USD 1,100 and 3,000.
• If you need a two-bedroom apartment, it will cost you USD 1,800 to 4,000 per month.

Some people need nothing less than a 3-bedroom luxury apartment, and in this case, the price starts at USD 2,500 and goes up to the sky.

Transportation Costs

You are sure to appreciate Singapore’s convenient transportation network that allows you to quickly move around. You can use a taxi, a city bus, a scooter, or a car-sharing service. The costs will differ in each case, so you can spend from USD 80 to USD 1,000 on transportation per month.

Public transport is affordable, and the price depends on the distance. Buses can be changed without paying an additional fare. Here are the prices:

• A taxi ride on a weekday will cost you SGD 24 per 8 kilometers (5 miles).
• A monthly public transport ticket comes at SGD 129.
• A single bus ticket costs from SGD 1 to SGD 2.30 plus a deposit of SGD 0.10 refunded after the third trip.

Having or renting a car is considered a luxury in Singapore. The local authorities impose heavy taxes on car owners in a bid to minimize traffic jams and air pollution. The majority of locals use public transport.

Utilities

Here are the utility prices you will have to pay in Singapore:

• 8 Mbps Internet will cost SGD 44 a month.
• If you live in a studio or an apartment with an area of about 45m², the basic utilities (gas, electricity, and heating) will cost you SGD 181 a month.
• If you live in a larger apartment with an area of about 85m², the cost of the basic utilities will amount to SGD 276.

Please keep in mind that you can be fined for many things in Singapore, and connecting to another tenant’s Wi-Fi network without the latter’s consent is one of them. You may also have to pay a fine for making too much noise, littering, feeding the pigeons, singing, or fishing.

Eating Out

If you are a real gourmet, you will love Singapore! This is a gastronomic paradise where you will find many national cuisines. Eating at home costs less, but this is true for virtually any place in the world. Eating out may be expensive, but a lunch out in London will cost twice as much – so it’s up to you!

If you want to eat out in a local café or restaurant:

• A fast food meal will cost you about SGD 10 per person.
• A lunch in a restaurant costs about SGD 13 per person.

You can hire a housekeeper to clean your apartment and cook food for you. However, you will be an employer in this case and will have to comply with all the requirements that this status entails. The housekeeper’s remuneration in Singapore ranges between SGD 1,100 and 1,400.

Interested in further details about Singapore? Do not hesitate to explore the portal using the above link or get in touch with an expert to discuss your needs. Get professional advice for free!