The inflow of wealthy Chinese immigrants into Singapore has driven up the prices of various products and services in recent years, including rent, car licenses and more.
The prices of various products and services have been on the rise in Singapore, driven in no small part by a surge in wealthy Chinese immigrants who started moving into the city-state en masse in 2019.
Real estate prices have risen 12 straight quarters, according to public data. Luxury residential rents soared 28 percent year-on-year in the fourth quarter of 2022, according to a Knight Frank report, outpacing New York as the top rental gainer globally.
Cars, Golf
Price rises have not been limited to the property market. License fees for cars have reached a new record of nearly $90,000. The price of golf memberships for expats at the Sentosa Golf Club rose to S$840,000 ($630,000) in 2022, driven by new Chinese joiners, according to brokerage Singolf Services.
Overall, retail sales rose almost 13 percent in February.
