Singapore has overtaken Hong Kong as the most expensive city in the Asia-Pacific region for rental and purchase of private homes, according to a recent report by the Urban Land Institute (ULI). In 2022, the median price of private homes in Singapore reached $1.2 million, surpassing Hong Kong’s median price of $1.16 million. The ULI report also includes information on the real estate market in various Indian cities.
In India, Mumbai has the highest median home price per square metre at $3,383 (equivalent to Rs 2,78,466), while Delhi NCR lags behind at $1,358 (Rs 1,11,781). Housing prices in India are relatively affordable compared to other developing nations based on median household income.
Singapore has the highest rental rates in the Asia-Pacific region, surpassing cities like Sydney, Melbourne, and Hong Kong, according to the Urban Land Institute’s 2023 Asia Pacific Home Attainability Index. Private rental homes in Singapore command a monthly rent of $2,600, the highest among the cities analyzed in the report.
The 2023 Asia Pacific Home Attainability Index by ULI reveals that Singapore has the highest rental rates in the region. With private rental homes commanding a monthly rent of $2,600, Singapore stands out as an outlier in terms of rental affordability compared to cities like Sydney, Melbourne, and Hong Kong.
Sydney and Melbourne have seen home prices decline due to the COVID-19 pandemic. People are moving from Sydney to smaller regional cities for more living space, leading to a housing shortage and challenges in finding affordable housing for existing residents.
Mainland Chinese cities still face challenges in housing affordability, with a close link between home prices, new housing supply, and population growth. Limited availability of affordable options and increasing population make it difficult for residents in Tier 1 and 2 cities to find reasonably priced homes.
In Hong Kong SAR, home prices experienced a substantial drop in 2022, falling back to levels observed in 2017. This decline can be attributed primarily to a decrease in population and an increase in mortgage interest rates. The combination of a shrinking population and higher borrowing costs has exerted downward pressure on housing prices in the region.
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