Tobiasjo | E+ | Getty ImagesSingapore's private homes are now the most expensive in Asia-Pacific, having overtaken Hong Kong, according to a new report.
Private rental homes in Singapore also had the highest monthly rent in the region at $2,600 — "far exceeding" other cities such as Sydney, Melbourne and Hong Kong, according to the report.
Hong Kong vs. SingaporeHome prices in Hong Kong "dropped substantially" in 2022, ULI said, citing the significant increase in mortgage interest rates as Hong Kong keeps pace with the U.S. Federal Reserve.
Rental pricesSingapore's private rental homes have the highest monthly rent in the region, having increased by nearly 30% in 2022.
Home attainabilityDespite Singapore's private homes being the most expensive in the region, the city state also has the highest homeownership rate at 89.3%.
Persons:
ULI, Hong, Kong's, David Faulkner, homeownership, Ho
Organizations:
Yacht, Urban Land Institute, ULI, Asia Pacific Centre for Housing, Singapore, U.S . Federal, Hong Kong, Sydney, Melbourne, Urban Land Institute Asia Pacific Centre, Housing, Hong, Housing Private, CNBC, Housing Development Board, Board
Locations:
Singapore, Keppel, Asia, Pacific, Hong Kong, Sydney, Melbourne, U.S, Shenzhen, Beijing, Brisbane, Covid, Australia, China, Ho Chi Minh, Vietnam, Da Nang