Singapore has always been one of the most expensive cities to live in the world, let alone Asia. But surprisingly, according to a latest ranking report for Asia Top Ten Rental Costs, it has slipped to eighth in Asia!
According to this report by ECA International, Hong Kong ranks top of the list.Just behind Singapore is Tokyo, Shanghai, Seoul, Bombay, Beijing and Yokohama.The Lion City was ranked seventh in 2017 and fourth in 2016.
With a slowing economy and a tightening workforce that has restricted foreign workers, the rental market has also suffered.
ECA points out that Singapore has been sliding down for three consecutive years in this report. But that’s not the case in Hong Kong, where land is more scarce with the average rental for a three-room unit hovering around US$10,461 per month.
As compared to Singapore, it is almost half of that Hong Kong rate, where the average rate is at US$4333 per month.
Another report reflects that it’s easier to buy housing in Singapore as compared to six years ago. According to JLL and Bloomberg reports, it required a wait of 7.3 years to buy a flat in 2010. But that wait has now withered down to 4.8 years!
Other metropolis such as Hong Kong, Sydney, Tokyo, San Francisco and London, the average rental have seen increases but only Singapore is in reverse mode!
Experts say Singapore’s property market has started to bottom out in 2017 and would make a roaring return in 2018 with a projected rise of 3% to 8%!
Singapore also saw close to 10,600 private housing sold in 2017, and this will get better in the Year of the Dog with sales numbering between 12,000 and 15,000 units!
Why do you think Singapore is slipping in this list? Any comments? Fire away!