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
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.
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The current median home price in Hong Kong is US$1.16 million, an 8.7 per cent fall from the preceding year.
In terms of home ownership, Singapore continues to have the highest rate of nearly 90 per cent across public and private housing. This is due to the government’s “consistent commitment to enable its citizens to own homes at reasonable prices from the early years of the country’s independence in the 1960s”, said the report.
The median HDB price went up from US$379,000 to US$409,000, an increase of 7.9 per cent, and the ratio of median HDB price to median annual income increased from 4.5 to 4.7, the second-lowest in the list.
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For private homes in Singapore, the ratio jumped to 13.7.
Topping the list was Shenzhen (35.0), followed by Ho Chi Minh City (32.5). Hong Kong’s ratio was 26.5, a sharp drop from the previous year’s 30.5.