Cost of Living Index for Southeast Asia. (Source: ROSHI)
According to analysis by Singapore-based fintech company ROSHI, Singapore has a cost of living index of 85.9, making it the most expensive country in Southeast Asia.
This high cost is mainly driven by a significant rise in house prices, with the average price of an HDB flat reaching $795,00 (US$532,768) and the average price of a private house reaching $2,755,000 (US$2,080,533).
Despite rising costs, Singaporeans enjoy a high quality of life, supported by a strong government effort to balance rising incomes with fiscal pressures.
The analysis revealed that while the cost of living in Singapore is higher than other countries in the region, its quality of life, infrastructure and income levels also outperform its neighbours.
This makes Singapore's financial environment unique, with residents often finding high expenses mitigated by other benefits.
ROSHI's analysis also highlights that Singapore residents enjoy excellent infrastructure, strong government support, and access to a number of public services that contribute to their overall well-being.
In contrast, other Southeast Asian countries have a lower cost of living but also face challenges such as low income levels, underdeveloped infrastructure and few government support programs.
Singapore's position as the most expensive country is offset by factors that improve the overall living experience, making it an attractive place despite the costs.
Find out more here about why Singapore is expensive, but there are also upsides to it.
