{"id":3218,"date":"2023-06-21T23:11:11","date_gmt":"2023-06-21T16:11:11","guid":{"rendered":"https:\/\/arcadiaconsult.com.vn\/?p=3218"},"modified":"2024-03-25T10:35:56","modified_gmt":"2024-03-25T03:35:56","slug":"singapore-overtakes-hong-kong-as-the-most-expensive-asia-pacific-city-for-private-homes","status":"publish","type":"post","link":"https:\/\/arcadiaconsult.com.vn\/en\/singapore-overtakes-hong-kong-as-the-most-expensive-asia-pacific-city-for-private-homes\/","title":{"rendered":"SINGAPORE OVERTAKES HONG KONG AS THE MOST EXPENSIVE CITY"},"content":{"rendered":"
Singapore\u2019s private homes are now the most expensive in Asia-Pacific, having overtaken Hong Kong, according to a new report.<\/span><\/div>\n
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\"Arcadia
<\/span> 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.<\/span><\/figcaption><\/figure>\n<\/div>\n
Data from the Home Attainability Index from the Urban Land Institute (ULI) Asia Pacific Centre<\/a> for Housing showed the median price of Singapore\u2019s private homes was $1.2 million in 2022, compared to Hong Kong\u2019s $1.16 million.<\/span><\/div>\n
Private rental homes in Singapore also had the highest monthly rent in the region at $2,600 \u2014 \u201cfar exceeding\u201d other cities such as Sydney, Melbourne and Hong Kong, according to the report. <\/span><\/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.<\/span><\/div>\n
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Hong Kong vs. Singapore<\/span><\/h2>\n
Home prices in Hong Kong \u201cdropped substantially\u201d in 2022, ULI said, citing the significant increase in mortgage interest rates as Hong Kong keeps pace with the U.S. Federal Reserve.<\/span><\/div>\n
In October, Hong Kong\u2019s home prices plunged to a five-year low as interest rate hikes pushed up borrowing costs.\u00a0<\/span><\/div>\n
Earlier this month, Hong Kong\u2019s monetary authority raised the base interest rate to 5.5%, after the U.S. central bank hiked the fed funds rate to 5% to 5.25%.\u00a0<\/span><\/div>\n
The ULI report said \u201ca net outflow of population\u201d and \u201cless optimistic view\u201d on the local property market also brought Hong Kong\u2019s median home price down by 8.7% \u2014 from 2021\u2032s $1.27 million to about $1.16 million in 2022.\u00a0<\/span><\/div>\n
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\"Urban
<\/span> Urban Land Institute Asia Pacific Centre for Housing<\/span><\/figcaption><\/figure>\n
In a new round of cooling measures, the Singapore government said local and foreign buyers of residential properties will have to pay higher taxes, known locally as additional buyers\u2019 stamp duties.\u00a0<\/span><\/div>\n
However, the report added that Hong Kong\u2019s private homes are still the most expensive on a per square meter basis \u2014 costing $19,768 and \u201cwell over twice\u201d the median figures for Singapore, Shenzhen and Beijing.<\/span><\/div>\n

Rental prices<\/span><\/h2>\n
Singapore\u2019s private rental homes have the highest monthly rent in the region, having increased by nearly 30% in 2022.\u00a0<\/span><\/div>\n
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ULI attributed the increase in rent and home prices to various factors such as an increase in migrants, a slowdown in building completion and young professionals moving out of their multi-generational family homes for more space and freedom.\u00a0<\/span><\/div>\n
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\"Urban
<\/span> Urban Land Institute Asia Pacific Centre for Housing<\/span><\/figcaption><\/figure>\n
Private home prices saw a decline in Sydney and Melbourne as more people moved back to regional cities and an \u201cunprecedented\u201d 11 interest rate hikes in 12 months, the report added. <\/span>But houses and apartments across Sydney, Melbourne and Brisbane saw an increase in the median monthly rent.<\/span><\/span><\/div>\n
Sydney\u2019s house rentals cost a monthly average of $1,958 while apartment rentals were at $1,732.<\/span><\/div>\n
\u201cThere has been a reversal of population movement back to capital cities since the end of Covid-19 in 2022. This was likely one of the reasons for the increase in median rent in the country,\u201d David Faulkner, ULI\u2019s president for Asia-Pacific told CNBC.<\/span><\/div>\n

Home attainability<\/span><\/h2>\n
Despite Singapore\u2019s private homes being the most expensive in the region, the city state also has the highest homeownership rate at 89.3%.\u00a0<\/span>That\u2019s in spite of a 7.9% increase of median HDB prices from 2021 to 2022, with the ratio of median HDB price to median annual income also rising from 4.5 to 4.7. HDB, or the Housing Development Board, is Singapore\u2019s public housing authority.<\/span><\/div>\n
For private homes in Singapore, the ratio is 13.7.\u00a0<\/span>\u201cIn general, homeownership is considered unaffordable when the ratio of the median home price to median annual household income exceeds five,\u201d said the report. <\/span><\/div>\n
\u201cBy this standard, only Singapore\u2019s Housing Development Board (HDB) units and apartment units in Melbourne and Brisbane, Australia, are considered affordable.\u201d\u00a0<\/span><\/div>\n
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\"Urban
<\/span> Urban Land Institute Asia Pacific Centre for Housing<\/span><\/figcaption><\/figure>\n
Similar to last year\u2019s index, mainland Chinese cities have among the lowest ranks in terms of home attainability.\u00a0<\/span><\/div>\n
The report noted that the homeownership rate in China has \u201cdeclined substantially\u201d in the past 10 years. <\/span>\u201cThe cities\u2019 home attainability is directly tied to the amount of new housing supply relative to increase in population,\u201d it added.\u00a0<\/span><\/span><\/div>\n
\u201cFor Shenzhen, its population increased by more than 7 million in the 12-year period from 2010 to 2022 \u2026 yet its new housing stock increased by only 31 million square meters, the smallest increase [among Chinese cities] during the same period.\u201d<\/span><\/div>\n
Resource: https:\/\/www.cnbc.com\/2023\/06\/01\/singapore-overtakes-hong-kong-as-most-costly-apac-city-for-private-homes.html<\/a><\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Singapore\u2019s private homes are now the most expensive in Asia-Pacific, having overtaken Hong Kong, according to a new report. Data from the Home Attainability Index from the Urban Land Institute (ULI) Asia Pacific Centre for Housing showed the median price of Singapore\u2019s private homes was $1.2 million in 2022, compared to Hong Kong\u2019s $1.16 million….<\/p>\n","protected":false},"author":5,"featured_media":3219,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[93,94],"tags":[],"class_list":["post-3218","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-real-estate-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/arcadiaconsult.com.vn\/en\/wp-json\/wp\/v2\/posts\/3218","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arcadiaconsult.com.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arcadiaconsult.com.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arcadiaconsult.com.vn\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/arcadiaconsult.com.vn\/en\/wp-json\/wp\/v2\/comments?post=3218"}],"version-history":[{"count":0,"href":"https:\/\/arcadiaconsult.com.vn\/en\/wp-json\/wp\/v2\/posts\/3218\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/arcadiaconsult.com.vn\/en\/wp-json\/wp\/v2\/media\/3219"}],"wp:attachment":[{"href":"https:\/\/arcadiaconsult.com.vn\/en\/wp-json\/wp\/v2\/media?parent=3218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arcadiaconsult.com.vn\/en\/wp-json\/wp\/v2\/categories?post=3218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arcadiaconsult.com.vn\/en\/wp-json\/wp\/v2\/tags?post=3218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}