A new report by Singapore-based fintech company ROSHI has detailed the escalating cost of living in Singapore, confirming its status as the most expensive country in Southeast Asia with a cost of living index of 85.9. The report, which was released on August 8, 2024, points to a significant increase in property and rental costs, with average prices for HDB flats and private houses reaching $532,768 and $2,080,533 respectively.
Mr. Nada, ROSHI's founder, emphasized the dual nature of Singapore's economic landscape, noting the high quality of life but also the increasing financial pressures on residents due to rising costs across various sectors. He mentioned that these challenges are somewhat mitigated by higher incomes and government support measures, providing a nuanced view of the situation.
The report's value extends beyond Singapore, offering insights into cost variations across Southeast Asia, thus providing a regional context for Singapore's economic standing. This comprehensive analysis is crucial for residents, policymakers, and those considering relocation within the region, as it sheds light on affordability and cost management strategies.
ROSHI's role in the financial technology sector lends credibility to its findings. The company, known for transforming digital lending in Southeast Asia, has leveraged its experience and data from facilitating home and personal loans to produce this report. Since the launch of its automated platform in March 2022, ROSHI has helped numerous consumers secure loan approvals, accumulating valuable market data in the process.
This report underscores ROSHI's commitment to transparency and data-driven insights, aiming to assist Singaporeans in navigating the financial landscape. By utilizing AI and machine learning, ROSHI not only offers personalized loan options but also contributes to a broader understanding of economic trends in the region.
As Singapore faces the ongoing challenge of balancing high living standards with affordability, reports like ROSHI's are instrumental in shaping public discourse and policy. The detailed analysis and regional comparisons provide a foundation for discussions on economic strategies and quality of life issues in Singapore and Southeast Asia.
For those interested in delving deeper into the findings, the full report, titled "Cost of Living In Singapore and South East Asia Insights Report 2024", is available on the ROSHI website, offering valuable insights for residents, businesses, and policymakers alike.
