Singapore emerged as the most expensive city in the Asia-Pacific region for private homes, with the median price of private homes in the city-state reaching $1.2 million in 2022, a new report said.
Earlier, Hong Kong used to be the costliest, with a median price for homes at $1.16 million, according to the report by the Urban Land Institute (ULI).
India’s housing price is relatively inexpensive compared to the median household income, over that in other developing countries, the report said.
Among the eight cities studied in India, Mumbai has the highest median home price per square metre of $3,383, with Delhi NCR trailing far behind at $1,358.
ULI’s report, 2023 Asia Pacific Home Attainability Index, provides a snapshot of the extent to which housing is attainable in cities in the region.
Singapore’s skyrocketing rents
Rents in Singapore were also the region’s highest, with monthly rents for private homes estimated in the region of $2,600, “far exceeding” other cities such as Sydney, Melbourne and Hong Kong, the report said.
The study covered 45 cities in nine countries, including Australia, China, India, Indonesia, Japan, Philippines and Singapore, with a combined population of 3.5 billion or around 45 percent of the world’s total population.
It measured home attainability for both home ownership and home rentals in relation to the median income of households.
Large influx of immigrants into the city-state and a growing trend of young professionals moving out of their multi-generational family homes for more space and freedom are cited as among the key reasons attributed for the sharp increase in home prices and rent in Singapore.
The government’s new measure that requires homeowners to serve a 15-month wait-out period after the disposal of their private properties before they are eligible to buy a non-subsidised Housing Development Board (HDB) resale flat is another reason for higher home prices.
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