ELI5: Why is housing in Singapore so expensive?

Houses in Singapore are expensive because there isn't much land, and lots of people want to live there.

Imagine Singapore is like a small pizza, and everyone wants a slice. Because the pizza is small, each slice costs more!

Here's why that "pizza" is so expensive:

• Limited Land: Singapore is a tiny island; there's not much space to build houses. Think of it like having only a few building blocks to make a big castle – the blocks become very valuable!
• High Demand: Lots of people want to live in Singapore because it's a safe, clean, and well-organized place with good jobs. It's like a really popular toy everyone wants, making the price go up.
• Government Policies: The government owns most of the land and plans very carefully where to build houses. They want to make sure everyone has a place to live, but this careful planning also affects how much houses cost.
• Strong Economy: Singapore's economy is very strong, and people generally earn good salaries. This means they can afford to pay more for housing, which drives up prices. It's like having more money in your piggy bank – you can buy more expensive things!