Modern and luxury smart homes in Singapore, seen from above during a hot summer day at the Keppel Bay Yacht Marina area in the city centre.<\/p>\n
Tobiasjo | E+ | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
Singapore’s private homes are now the most expensive in Asia-Pacific, having overtaken Hong Kong, according to a new report.<\/p>\n
Data from the Home Attainability Index from the Urban Land Institute (ULI) Asia Pacific Centre for Housing showed the median price of Singapore’s private homes was $1.2 million in 2022, compared to Hong Kong’s $1.16 million.<\/p>\n
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<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\nPrivate rental homes in Singapore also had the highest monthly rent in the region at $2,600 \u2014 “far exceeding” other cities such as Sydney, Melbourne and Hong Kong, according to the report.\u00a0<\/p>\n<\/div>\n
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The report drew on government statistics from 45 cities in nine markets in Asia-Pacific \u2014 while measuring home attainability for both home ownership and home rentals in relation to the median income of households.<\/p>\n<\/div>\n
Hong Kong vs. Singapore<\/h2>\n\nHome 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.<\/p>\n
In October, Hong Kong’s home prices plunged to a five-year low<\/a> as interest rate hikes pushed up borrowing costs.\u00a0<\/p>\nEarlier this month, Hong Kong’s monetary authority raised the base interest rate to 5.5%<\/a>, after the U.S. central bank hiked the fed funds rate to 5% to 5.25%<\/a>.\u00a0<\/p>\nThe ULI report said “a net outflow of population” and “less optimistic view” on the local property market also brought Hong Kong’s median home price down by 8.7% \u2014 from 2021’s $1.27 million to about $1.16 million in 2022.\u00a0<\/p>\n<\/div>\n
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Meanwhile, Singapore’s private homes overtook Hong Kong’s as the most expensive in Asia-Pacific, with the median price increasing over 8% in the past year, said the report.<\/p>\n
Just last month, Singapore raised taxes for property purchases<\/a> amid concerns that surging prices “could run ahead of economic fundamentals.”<\/p>\n<\/div>\n\n\nMost expensive cities for private homes in Asia-Pacific<\/h3>\n<\/section>\n\n\n\n\n
<\/p>\n<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\nPrivate rental homes in Singapore also had the highest monthly rent in the region at $2,600 \u2014 “far exceeding” other cities such as Sydney, Melbourne and Hong Kong, according to the report.\u00a0<\/p>\n<\/div>\n
The report drew on government statistics from 45 cities in nine markets in Asia-Pacific \u2014 while measuring home attainability for both home ownership and home rentals in relation to the median income of households.<\/p>\n<\/div>\n
Hong Kong vs. Singapore<\/h2>\n\nHome 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.<\/p>\n
In October, Hong Kong’s home prices plunged to a five-year low<\/a> as interest rate hikes pushed up borrowing costs.\u00a0<\/p>\nEarlier this month, Hong Kong’s monetary authority raised the base interest rate to 5.5%<\/a>, after the U.S. central bank hiked the fed funds rate to 5% to 5.25%<\/a>.\u00a0<\/p>\nThe ULI report said “a net outflow of population” and “less optimistic view” on the local property market also brought Hong Kong’s median home price down by 8.7% \u2014 from 2021’s $1.27 million to about $1.16 million in 2022.\u00a0<\/p>\n<\/div>\n
\n\n\n\nMeanwhile, Singapore’s private homes overtook Hong Kong’s as the most expensive in Asia-Pacific, with the median price increasing over 8% in the past year, said the report.<\/p>\n
Just last month, Singapore raised taxes for property purchases<\/a> amid concerns that surging prices “could run ahead of economic fundamentals.”<\/p>\n<\/div>\n\n\nMost expensive cities for private homes in Asia-Pacific<\/h3>\n<\/section>\n\n\n\n\n
Home 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.<\/p>\n
In October, Hong Kong’s home prices plunged to a five-year low<\/a> as interest rate hikes pushed up borrowing costs.\u00a0<\/p>\n Earlier this month, Hong Kong’s monetary authority raised the base interest rate to 5.5%<\/a>, after the U.S. central bank hiked the fed funds rate to 5% to 5.25%<\/a>.\u00a0<\/p>\n The ULI report said “a net outflow of population” and “less optimistic view” on the local property market also brought Hong Kong’s median home price down by 8.7% \u2014 from 2021’s $1.27 million to about $1.16 million in 2022.\u00a0<\/p>\n<\/div>\n Meanwhile, Singapore’s private homes overtook Hong Kong’s as the most expensive in Asia-Pacific, with the median price increasing over 8% in the past year, said the report.<\/p>\n Just last month, Singapore raised taxes for property purchases<\/a> amid concerns that surging prices “could run ahead of economic fundamentals.”<\/p>\n<\/div>\nMost expensive cities for private homes in Asia-Pacific<\/h3>\n<\/section>\n
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