No money, no homey
A lot has been said about how expensive property is in Singapore… Heck, a lot has been said about how expensive everything is in Singapore.
We had a look on Numbeo.com, which compiles data about the cost of living in various cities across the world based on user ratings.
Check out how much it costs to keep yourself off the streets in various places around the world, and how the cost of living in Singapore compares relative to some of the world’s major (and most expensive) cities.
Obviously, the average size of a 3 bedroom apartment in Hong Kong is probably about the size of a toilet of one in Toronto. Still, the site seems to provide a pretty accurate picture of how much it costs to rent in various major world cities.
It’s undeniably more expensive to rent than to buy in Singapore if you qualify for HDB grants. This is also due to the fact that the supply of rental property is artificially inflated due to the strict rules on renting out HDB property, what with the five year minimum occupation period and all.
What do you think? Does this affect your opinion on where you’d like to live? Or have the prices shocked you into giving up on ever living in other major world cities?
By Joanne Poh, MoneySmart, 26 April 2016
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