Hong Kong has always been considered to be the most expensive city for private homes, but a recent report says that it has been displaced by Singapore. A new report gives reasons why Singapore has become the most expensive city in which a person could buy or rent a home while Hong Kong remains the most expensive city per square meter.
The Urban Land Institute (ULI) Asia Pacific Center for Housing released recent data from the Asia Pacific region. It used data from 45 cities in nine markets and then released the data. It measured both home ownership as well as home rentals and related the data to the median income in households in these cities.
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The data from the Home Attainability Index indicated that private homes in Singapore cost more than those in Hong Kong in 2022.
In 2022, the median price of a private home in Singapore was $1.2 million, while a home in Hong Kong cost $1.16 million at the same period. However, Hong Kong houses remain more expensive per square meter basis.
Singapore has raised taxes for both local and foreign buyers who wish to purchase properties through additional buyers’ stamp duties. It has implemented these measures to cool the markets. Yet the city has an 89.3 percent homeownership that is the highest in the region.
Singapore has also seen a hike in private rental homes with rents reaching $2,600 per month. This is much higher than rents in other cities including Hong Kong as well as major cities in Australia such as Sydney and Melbourne.
ULI said that a range of factors were responsible for the increase in rent. Some of them included an increase in migrants as well as a slowdown in construction activities due to various factors. Young professionals have also reportedly moved away from homes their families have been living in through generations, in search of better spaces and more freedom.
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