According to a Chinese Finance magazine, Singaporeans need to
slog the longest to afford a 70 square meter condominium in their
own countries. (read article here)
Berliners need only work 3 years to pay off the housing loan
while Singaporeans need to work a shocking 36.4 years in order to
do so.
In Asia, Thais need only work the shortest period of time to buy
a similar-sized condominium. Though the wages of Thai workers are
relatively low compared to Singapore, their properties are much
cheaper which explain the discrepancy.
While Japan is the most expensive country in Asia to live in,
the average Japanese need only work 16 years to purchase such a
condominium, 20 years less than Singapore.
The authoritative article was not published by the state media
which continues to churn out propaganda daily to support the PAP’s
lop-sided housing policies in favor of foreigners.
The results should come as no surprise. A UBS report published
last year revealed that Singaporeans have the lowest wages and
domestic purchasing power among developed nations.
After Hong Kong, Singapore has the largest income gap between
the rich and the poor among the thirty most advanced world
economies.
The median salary of the average Singapore worker has remained
stagnant at $2,400 monthly while the cost of living, especially
that of housing has sky-rocketed in recent years.
The low wages of the Singapore worker is contributed partly by
the PAP pro-foreigner and ultra liberal-immigration policies which
have seen the country being flooded by foreign workers.
A Wall Street Journal article in January this year wrote that
the relentless influx of foreigners has depressed the wages of
ordinary Singaporeans, increased the cost of living and led to an
overall decline in the standards of living.
It will be interesting to know the number of years an average
Singapore worker needs to work to afford a similar-sized HDB flat.
Based on current prices, it is unlikely to be less than 30
years.
Source: www.temasekreview.com
