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Skyscrapers in Singapore. (Photo: AFP/VNA)
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According to a report by the Urban Land Institute (ULI), private residential properties in Singapore remain the most expensive in the Asia-Pacific region for the second consecutive year.
ULI, a non-profit organization based in Washington, D.C., found that the average price of a private home in Singapore was $1.3 million in 2023, the highest among 48 cities across 11 countries surveyed.
Hong Kong, China, came in second place, with an average home price of $1.15 million.
Housing in Sydney, Australia, the next most expensive market, had an average price of $1.06 million.
However, when looking at price per square meter, Hong Kong emerged as the most expensive market in the region, with an average price of $18,331/sq m.
Singapore followed closely behind with an average price of $11,749/sq m, and Shenzhen, China, with an average price of $10,142/sq m.
Homes in Shenzhen had the highest price-to-income ratio at 32.3. Beijing came in second at 28.7.
Across the cities tracked by ULI, Singapore had the highest average annual household income at $97,124. The average price of a HDB flat in 2023 was $461,289, up from $409,000 in 2022.
The report noted that renting was generally “significantly more affordable” than buying in the region. For example, in Tokyo, Japan, where the price-to-income ratio for buying a home is 14.3, the average monthly rent is 20% of the average monthly household income.
This ratio is below 30% for cities in mainland China, such as Chongqing and Tianjin. In contrast, the ratio for private homes in Singapore is 36%.
Bich Lien
