Living in Singapore as a Local and as an Expat

A Move to Singapore is a popular choice for expats.

Owing to the high living standards, and solid employment opportunities the city can be a life-changing experience for those seeking to move their career to the next level.

The city is one of the world’s largest financial investment centers with all major banks, investment firms, and insurance companies having a presence here.

The city-state is also known for its safety and its world-class school system. Along with Finland, and Korea, Singapore often leads the tables in the best worldwide education system.

Lion City can also serve as a gateway to South-East Asia and beyond for those looking to travel to exotic locations outside the city-state. Many international flights have direct links with the city making this a perfect base for those who are engaged with international trade. For holidaying exotic locations such as Bali, Phuket, or Koh Samui are a short flight away.

While many expats pass through the city for a number of years as part of a global career path, an increasing number of people are deciding to make the city home and invest in property there. This influx of affluent migrants has naturally occasioned a sharp rise in property prices over the course of the last few decades. To combat this and make Singapore a level-playing field for resident natives just beginning their careers, the Singaporean government has developed schemes to encourage property investment from local workers and university graduates.

For locals looking to climb the property ladder the HDB or Housing Development Board scheme allows them to put down a 20% down payment on property ownership. This downpayment for HDB was under revision this year meaning that some young couples who do not qualify for a large housing loan will need to pay less. To be eligible for the new scheme the couples must be full-time students, recent graduates, or national servicemen. One of the couples needs to be below 30 years of age and they must be married or engaged to marry. Under the scheme revisions, a downpayment of 5 or 10 percent is required. In the upcoming October 2024 BTO (building to order) exercise, 8,500 BTO flats will become available across Ang Mo Kio, Bedok (three sites), Bukit Batok, Geylang, Jurong West, Kallang/Whampoa (across three sites), Pasir Ris, Sengkang (two sites), and Woodlands Unlike previous years, this will be the third and final BTO launch for 2024, bringing the total number of BTO flats launched in 2024 to 19,600. This is in line with the rapid expansion of the city. The downpayment looks set to decrease more, meaning more local people can step onto the property ladder in this affluent and ever-expanding city.

Affordable living is essential in the island-state where cost of living is regularly listed as one of the most expensive in the world. The Housing Development Scheme, while supporting locals, is usually off-limits to expats relocating to the city. For the diverse range of expats arriving to the city to work they will need to initially rent a condo in the city,

Quality of life in Singapore is good for both residents and natives and is often considered to be one of the safest countries in Asia. The healthcare system is excellent. The extremely diverse culture also makes it easy to enjoy different cuisines every day of the week in the Lion City. Living in a condominium is a common goal for many people, both resident and expat, in Singapore. Most condominium complexes in Singapore are luxurious, safe, and beneficial to live in. While buying a condominium is restricted for many because of the large price value attached to them, some entrepreneurs who got in early are able to receive sizable income revenue from leasing out their units.

In addition to the high value of property, it is hard to provide a large sum of funds to cover the upfront costs of buying a condominium – normally 20% outside of government schemes. That is why many expats prefer to look for a condo for rent in Singapore. The rental market is vibrant with many options with varying budgets across the city – but generally, the rental price is high in comparison with neighbouring Thailand and Malaysia.

Some surveys have voted Singapore as the number one expat destination in the world, and it looks set to remain a favourite among expats with the career options on offer. Meanwhile, the government incentives to make property affordable for local couples keep the community present and allow them access to the financial growth of this incredible and exotic tropical financial metropolis.