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Is Singapore too expensive? Will increasing rents drive business away to cheaper countries?
Recently a large bank outsourced some of its' functions to a European country because it was too expensive to use the local market.
Is this just the tip of the ice berg and will the bubble burst on Singapore the same way as it did for Dubai?
Singapore is expensive however it may avoid similar problems as Dubai, at the end of the day land in Dubai is in a desert and Singapore is right in a region of the world that is predicted for continued high growth.
Singapore is an expensive country to live in. However, Singapore has been blessed with an ideal location, good governance as well as a stable economical, political, social and technological environment.
On the other hand, Singapore lacks space, ie, land. Land is scarce on that island and this in turn drives property prices up as there is a continuos demand for land but the supply of land is limited. This makes rental there expensive. Majority of its citizens live in high rise condominiums and is only the elite few who have landed property.
I don't think Singapore's bubble is going to burst anytime soon as where land & rental is concerned, Singapore is working on the problem by reclaiming land from the sea and this reclaimation works has been going on in various parts of the island for a very long time already.
I doubt it very much. Singapore is incredibly stable with huge financial reserves and a lot of millionaires and billionaires living there. The country has been voted the best place to do business in the world several times. The government does a good job and is extremely efficient. Most young Singaporeans are well educated and know about working hard so there will not be a resource problem in the future. I doubt very much that anyone will be able to even touch the Singapore economy because it is light years ahead of Dubai. I think Singapore is far ahead of Europe in management and services too.
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