Cost of Living: Iceland vs Singapore

Detailed comparison of living costs and expenses between Iceland and Singapore.

Data updated: October 2026

Quick Comparison Summary

In simple terms, living in Iceland is 31.6% cheaper than Singapore. The biggest difference is in Mobile and Internet, where costs are 98.3% higher. This means that for every $100 you spend in Singapore, you would spend about $68 in Iceland for the same standard of living.

Key Differences

Property Prices 64.1%

Iceland is 64.1% cheaper

Transportation 63.2%

Iceland is 63.2% cheaper

Household Utilities 44.3%

Iceland is 44.3% cheaper

Cost of Living Index

Overall Difference 31.6%

Iceland is 31.6% cheaper than Singapore

Most Expensive Categories

  • Mobile and Internet +98.3%
  • Restaurants +77.7%
  • Clothing And Shoes +73.9%

Is Iceland cheaper than Singapore?

Yes, Iceland is cheaper than Singapore

Overall, living costs in Iceland are 31.6% lower than in Singapore.

Where Iceland is cheaper:

  • Property Prices 64.1% cheaper
  • Transportation 63.2% cheaper
  • Household Utilities 44.3% cheaper

Where Iceland is more expensive:

  • Mobile and Internet 98.3% more expensive
  • Restaurants 77.7% more expensive
  • Clothing And Shoes 73.9% more expensive

Practical Examples

Basic restaurant meal

Iceland: 25.03 $ Singapore: 10.90 $
129.6% more expensive in Iceland

1-bedroom apartment in city center

Iceland: 2,167.74 $ Singapore: 3,140.74 $
31.0% cheaper in Iceland

Monthly public transport pass

Iceland: 82.37 $ Singapore: 93.46 $
11.9% cheaper in Iceland

1 liter of milk

Iceland: 1.86 $ Singapore: 3.01 $
38.2% cheaper in Iceland

Summary

Based on comprehensive cost of living data, Iceland is indeed cheaper than Singapore. You would save approximately 31.6% on living expenses by choosing Iceland over Singapore. This includes all major expense categories such as housing, food, transportation, and utilities.

Overall Cost of Living Comparison

31.6%

Iceland is 31.6% cheaper than Singapore

Restaurants

77.7%

Iceland is 77.7% more expensive than Singapore in this category

Markets

18.5%

Iceland is 18.5% more expensive than Singapore in this category

Other Expenses

6.9%

Iceland is 6.9% more expensive than Singapore in this category

Transportation

63.2%

Iceland is 63.2% cheaper than Singapore in this category

Household Utilities

44.3%

Iceland is 44.3% cheaper than Singapore in this category

Mobile and Internet

98.3%

Iceland is 98.3% more expensive than Singapore in this category

Sports And Leisure

5.1%

Iceland is 5.1% cheaper than Singapore in this category

Childcare

3.8%

Iceland is 3.8% cheaper than Singapore in this category

Clothing And Shoes

73.9%

Iceland is 73.9% more expensive than Singapore in this category

Rent Per Month

35.5%

Iceland is 35.5% cheaper than Singapore in this category

Property Prices

64.1%

Iceland is 64.1% cheaper than Singapore in this category

Salaries And Financing

7.3%

Iceland is 7.3% more expensive than Singapore in this category

Detailed Cost Comparison

Item Iceland Singapore Difference
Basic Restaurant Meal 25.03 $ 10.90 $ 129.6%
Iceland is 129.6% more expensive
Three-Course Dinner for Two in Mid Range Restaurant 141.89 $ 77.88 $ 82.2%
Iceland is 82.2% more expensive
McDonald's Fast Food Combo Meal 19.71 $ 7.79 $ 153.0%
Iceland is 153.0% more expensive
Regular Cappuccino 5.91 $ 4.88 $ 21.1%
Iceland is 21.1% more expensive
Soft Drink (330ml) 3.17 $ 1.68 $ 88.7%
Iceland is 88.7% more expensive
Bottled Water (330ml) 2.58 $ 1.22 $ 111.5%
Iceland is 111.5% more expensive
Bottled Water (1.5L) 2.20 $ 1.52 $ 44.7%
Iceland is 44.7% more expensive
Local Beer (500ml) 2.01 $ 2.00 $ 0.5%
Iceland is 0.5% more expensive
Imported Beer (330ml) 2.08 $ 2.49 $ 16.5%
Iceland is 16.5% cheaper
Mid-Range Wine 11.45 $ 10.00 $ 14.5%
Iceland is 14.5% more expensive
Local Beer (500ml bottle) 1.83 $ 2.21 $ 17.2%
Iceland is 17.2% cheaper
Milk (1L) 1.86 $ 3.01 $ 38.2%
Iceland is 38.2% cheaper
Fresh Bread (500g) 4.03 $ 2.35 $ 71.5%
Iceland is 71.5% more expensive
White Rice (1kg) 3.42 $ 2.92 $ 17.1%
Iceland is 17.1% more expensive
Eggs (12 pack) 6.34 $ 3.35 $ 89.3%
Iceland is 89.3% more expensive
Local Cheese (1kg) 18.25 $ 19.37 $ 5.8%
Iceland is 5.8% cheaper
Chicken Breast (1kg) 23.64 $ 11.15 $ 112.0%
Iceland is 112.0% more expensive
Beef (1kg) 41.97 $ 15.21 $ 175.9%
Iceland is 175.9% more expensive
Apples (1kg) 3.03 $ 4.57 $ 33.7%
Iceland is 33.7% cheaper
Bananas (1kg) 2.42 $ 2.97 $ 18.5%
Iceland is 18.5% cheaper
Oranges (1kg) 2.85 $ 4.51 $ 36.8%
Iceland is 36.8% cheaper
Tomatoes (1kg) 4.81 $ 2.71 $ 77.5%
Iceland is 77.5% more expensive
Potatoes (1kg) 3.53 $ 2.39 $ 47.7%
Iceland is 47.7% more expensive
Onions (1kg) 2.19 $ 2.20 $ 0.5%
Iceland is 0.5% cheaper
Lettuce (1 head) 3.11 $ 1.86 $ 67.2%
Iceland is 67.2% more expensive
Monthly Transit Pass 82.37 $ 93.46 $ 11.9%
Iceland is 11.9% cheaper
Cigarettes (20 pack) 13.95 $ 13.05 $ 6.9%
Iceland is 6.9% more expensive
Single Bus/Train Ticket 5.04 $ 1.56 $ 223.1%
Iceland is 223.1% more expensive
Taxi Base Fare 6.23 $ 3.58 $ 74.0%
Iceland is 74.0% more expensive
Taxi per Kilometer 2.55 $ 0.78 $ 226.9%
Iceland is 226.9% more expensive
Taxi Waiting Hourly Rate 84.42 $ 16.28 $ 418.6%
Iceland is 418.6% more expensive
Gasoline (1L) 2.46 $ 2.22 $ 10.8%
Iceland is 10.8% more expensive
New Economy Car 46,429.13 $ 140,192.38 $ 66.9%
Iceland is 66.9% cheaper
New Mid-Range Car 52,551.37 $ 128,887.54 $ 59.2%
Iceland is 59.2% cheaper
Monthly Utilities (80m² size) 88.15 $ 158.22 $ 44.3%
Iceland is 44.3% cheaper
10 GB Mobile Plan with Data 27.04 $ 18.54 $ 45.8%
Iceland is 45.8% more expensive
High-Speed Internet (> 60 Mbps) 85.00 $ 37.95 $ 124.0%
Iceland is 124.0% more expensive
Gym Membership 78.46 $ 115.77 $ 32.2%
Iceland is 32.2% cheaper
Tennis Court (Weekend) 36.79 $ 12.22 $ 201.1%
Iceland is 201.1% more expensive
Movie Ticket 17.26 $ 11.68 $ 47.8%
Iceland is 47.8% more expensive
Private Preschool (Full Day) 343.92 $ 1,272.43 $ 73.0%
Iceland is 73.0% cheaper
International School (Yearly) 29,515.17 $ 29,780.50 $ 0.9%
Iceland is 0.9% cheaper
1 Pair of Jeans 135.76 $ 80.91 $ 67.8%
Iceland is 67.8% more expensive
1 Summer Dress 62.39 $ 42.93 $ 45.3%
Iceland is 45.3% more expensive
1 Pair of Running Shoes 171.19 $ 105.33 $ 62.5%
Iceland is 62.5% more expensive
1 Pair of Business Shoes 248.95 $ 126.28 $ 97.1%
Iceland is 97.1% more expensive
1-Bedroom Apartment (City Center) 2,167.74 $ 3,140.74 $ 31.0%
Iceland is 31.0% cheaper
1-Bedroom Apartment (Suburbs) 1,957.54 $ 2,267.71 $ 13.7%
Iceland is 13.7% cheaper
3-Bedroom Apartment (City Center) 3,105.48 $ 6,205.41 $ 50.0%
Iceland is 50.0% cheaper
3-Bedroom Apartment (Suburbs) 2,664.94 $ 3,723.55 $ 28.4%
Iceland is 28.4% cheaper
Apartment Price (City Center) per m² 7,328.46 $ 22,697.92 $ 67.7%
Iceland is 67.7% cheaper
Apartment Price (Suburbs) per m² 6,220.55 $ 15,076.91 $ 58.7%
Iceland is 58.7% cheaper
Average Monthly Salary (after tax) 4,445.97 $ 4,151.48 $ 7.1%
Iceland is 7.1% more expensive
20-Year Fixed Mortgage Rate 9.90 3.17 212.3%
Iceland is 212.3% more expensive

Cost of Living Calculator

Calculate how your current expenses would change if you moved to Singapore. Enter your monthly expenses in Iceland to see the equivalent costs.

Housing

Food & Dining

Transportation

Other Expenses

Our Methodology

Our cost of living comparisons are based on a robust methodology that combines multiple data sources and regular updates to ensure accuracy:

Data Collection

  • Regular price surveys conducted in major cities
  • Official government statistics and economic indicators
  • User-contributed data from expatriates and local residents
  • Real estate market reports and rental price indices
  • Consumer price indices and inflation data

Calculation Methods

  • Prices are normalized to USD for consistent comparison
  • Exchange rates are updated monthly
  • Regional price variations are weighted by population
  • Seasonal fluctuations are accounted for in the averages
  • Quality of life factors are considered in the overall assessment

Quality Assurance

  • Data is verified by local experts
  • Regular cross-checking with multiple sources
  • User feedback is incorporated into updates
  • Statistical outliers are identified and reviewed
  • Methodology is reviewed quarterly

Note: While we strive for accuracy, cost of living data can vary significantly within countries and cities. These comparisons should be used as a general guide, and we recommend conducting additional research for specific locations.

Lifestyle Impact

Understanding the cost of living differences between Iceland and Singapore goes beyond just numbers. Here's how these differences might affect your daily life:

Daily Living

  • Grocery shopping habits and meal planning
  • Public transportation usage vs. car ownership
  • Frequency of dining out and entertainment
  • Healthcare access and insurance coverage
  • Housing choices and neighborhood selection

Long-term Planning

  • Savings and investment strategies
  • Retirement planning considerations
  • Education costs for children
  • Property ownership opportunities
  • Business and career development

Quality of Life Considerations

While cost of living is important, it's just one aspect of quality of life. Consider also:

  • Healthcare system quality and accessibility
  • Education system standards
  • Public safety and security
  • Environmental quality
  • Cultural and recreational opportunities
  • Work-life balance norms

Making the Most of Your Budget

Tips for adapting to cost of living differences:

  • Research local shopping habits and markets
  • Learn about public transportation options
  • Understand local tax systems and benefits
  • Explore community resources and discounts
  • Network with locals for insider tips

Local Insights for Iceland vs Singapore

While both countries have similar overall costs, there are nuanced differences in how money is spent on daily necessities.

Cultural Cost Differences

Iceland

  • Higher fuel costs indicate different transportation preferences.

Singapore

  • Lower grocery costs suggest different shopping and consumption patterns.

Seasonal Cost Variations

Both countries experience moderate seasonal variations in living costs, with prices typically higher during peak tourist seasons and major holidays.

Explore more

Cost of living in Iceland Cost of living in Singapore

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