Property prices in Singapore have soared over the last decade.  This isn’t surprising, given the limited land availability and the constant high demand for properties. As long as this demand remains, prices are likely to continue rising.  However, when these prices reach unsustainable and unaffordable levels, the government steps in with cooling measures to stabilise ... Read more The post 11+ Housing Cost Statistics in Singapore (2024) appeared first on SmartWealth Singapore ..read more

Singapore’s property market is known for its high prices. The main reason for this is simple: demand outweighs supply.  Given that Singapore is a small nation with limited land, the supply of property is constrained. As long as demand persists, prices are bound to rise. Looking at the long term trend, this pattern shows no ... Read more The post 8 Reasons Why Singapore Properties Are So Expensive appeared first on SmartWealth Singapore ..read more

Buying a property in Singapore is a costly affair. It could also be one of the biggest financial undertakings you could take on in your life. Residential property prices have increased significantly over the years. This can be seen with million-dollar HDB resale flats becoming more common. Even the median price of a 5-room HDB resale flat is at $675,000 now. But the purchase price of the property is just one half of the equation. There are other costs associated with purchasing and owning a home in Singapore, and that will be the topic for today. So, read on! The Average Purchase Prices of Pro ..read more

Statistics concerning households are indispensable when it comes to understanding the way people in Singapore live. Most young Singaporeans live with their parents well into adulthood or until marriage, which makes it particularly easy to draw accurate conclusions from household data. That could be one reason the government collects such extensive data on households. In this article, we go over some notable statistics about households and housing in Singapore. If you want to know the average household income in Singapore, click here instead. Note: All figures are in Singapore dollars (SGD). C ..read more

Singapore’s education system is taken very seriously, and for good reason. The island nation suffers from a lack of natural resources and thus relies heavily on human capital, seen as one of the keys to its strong economy and high Gross Domestic Product (GDP). Education in Singapore can be expensive but is seen as necessary. While Singapore citizens pay heavily subsidised prices, the costs are significantly higher for foreign and international students. Let’s look at the notable statistics on the cost of education in Singapore. Note: All figures are in Singapore dollars (SGD). Contents Top ..read more

Home is where the heart is, but cost is still a major consideration when purchasing one in Singapore. Singaporeans have two main types of housing to choose from — public housing, most commonly referred to as Housing Development Board (HDB) flats, and private property. Most condos and landed houses are forms of private property. As the cost of living continues to soar on the back of inflationary pressure, property prices are on the rise, too. So far, 208 HDB flats have been resold for over $1 million in 2023, which looks set to be another record-breaking year. When it comes to private ..read more

The salaries of Singapore’s political office holders are known to be high – much higher than the median income of Singaporeans, which stands at $5,070 per month. With the upcoming presidential election and salary framework review in 2023, salaries of political appointment holders will be put under a microscope once again.  In the latest review in 2017, an independent committee concluded that the framework was still relevant and sound, and made a recommendation to increase annual salaries to match benchmark movements. However, as the economy was still in transition, the government decided ..read more

In Singapore, HDB flats are public housing. They are meant to be affordable and for the masses since over 80% of the resident population lives in properties built by the HDB (Housing & Development Board).  Are they as affordable now as they were intended to be?  The first ever transaction of an HDB flat being sold for at least $1 million was in 2012. Since then, records have been continuously broken. In this report, we look at trends and statistics on million-dollar HDB resale flats in Singapore, including how many were transacted in 2023 and over the past years, locations of the ..read more

We have previously written about the average income/salary in Singapore, breaking it down by age, sex, education, occupation, and industry. In light of inflation and a rising cost of living putting pressure on both single and dual-income households in recent months, we shall likewise explore what household income is, its significance, as well as the average and median household income in Singapore. Moreover, with income arguably the most vital element in financial planning, permitting you to spend and save for the future, we investigate income trends over the years and the income distribu ..read more

Savings accounts have been the conventional route for many Singaporeans to store hard-earned money. You may also have tried to use a high-yield savings account to earn eligible bonus interest rates. With rising inflation, you may realise that such accounts are unable to help you achieve your saving or investment goals. This is when cash management accounts or cash management solutions come in handy. Read on to find out more about them! What Is a Cash Management Account? Simply put, a cash management account in Singapore is usually provided by non-bank financial institutions, such as investment ..read more