Singapore ranks as most expensive city in Asia to buy or rent, as home prices in Hong Kong return to 2017 levels

In terms of affordability, the median private home price in Singapore was 13.7 times the median household income, according to a new report

Singapore’s median private-sector home price increased more than 8 per cent in the past year, it said, while Hong Kong’s fell 8.7 per cent

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Private residential houses are seen in front of Housing & Development Board (HDB) public housing estates in the Hougang area of Singapore. Photo: Bloomberg

Published: 1:01pm, 30 May 2023Updated: 1:04pm, 30 May 2023

The median price of a private home in Singapore was US$1.2 million in 2022, the highest among cities in the Asia-Pacific, according to a report published on Tuesday.

In the latest Home Attainability Index by the Urban Land Institute (ULI) Asia Pacific Centre for Housing, Singapore also ranked as the region’s most expensive place to rent a private home.

The ULI Asia Pacific Centre for Housing bills itself as a think tank that aims to advance best practices in residential development and address housing issues relevant to the region.

In terms of affordability, the median private home price in Singapore was 13.7 times the median household income; the figure for median public Housing Board flats stood at 4.7. On the latter measure, Singapore ranks as the second-most affordable city in the Asia-Pacific, after Brisbane, with a ratio of 4.5.

Public housing flats in Singapore. The city state ranks as the second-most affordable city in the Asia-Pacific for public housing. Photo: Roy Issa

The report gives a snapshot of the extent to which housing is attainable in 45 cities in nine countries in the Asia Pacific: Australia, China, India, Indonesia, Japan, the Philippines, Singapore, South Korea and Vietnam.

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