Facts: Skyrocketing Rents in Singapore pose challenge for expatriates in the country

The high cost of living in Singapore is not a new issue, but the current situation is causing many expats to consider leaving the country.

The high cost of living in Singapore is not a new issue, but the current situation is causing many expats to consider leaving the country. The sharp increase in housing prices is one of the primary factors that is causing foreigners to tighten their belts. In fact, some tenants believe that landlords are taking advantage of an overheated property market to further drive up home prices.

According to data from the Singapore Urban Redevelopment Authority, prices of all types of private residential properties have increased by nearly 30 per cent year-on-year. This is the strongest increase since 2007, and it has left many people concerned about the affordability of living in Singapore.

Experts have listed several contributing factors that are driving up the cost of housing in Singapore. One of the primary factors is the impact of the persistent pandemic. Labor shortages in the construction industry have reduced the supply of housing, thereby contributing to the higher prices.

Alan Cheong, an expert at Savills Singapore, has pointed out that there is a strong demand for housing in Singapore. Many young people want to live separately, and new expats coming to Singapore have put even more pressure on the housing market.

The high cost of living is also making life more difficult for many expats. The steep rise in rent prices is leaving less disposable income for other expenses, which is leading many to reconsider their decision to stay in Singapore.

Given these factors, it is clear that the issue of high housing prices in Singapore is complex and multifaceted. It remains to be seen whether the government will take any steps to address these issues, but it is certainly an issue that needs to be addressed if Singapore is to remain an attractive destination for expats from all around the world. In the meantime, many foreigners will be forced to tighten their belts and think twice about the cost of living in Singapore.