Singapore is in 7th position among the top 10 most expensive rental locations in the world, according to an accommodation report from human resources consultancy ECA International. This is up from last year’s 8th position and the 9th position in 2012. In Asia, the city-state remains the 3rd most expensive location behind Hong Kong and Tokyo. The report noted that rents for an unfurnished three-bedroom apartment in Singapore’s sought-after areas average average US$5,630 psf (S$7,200). “On-going demand for high-end properties saw rental prices in Singapore rise by around 4 percent over the year,” said Lee Quane, Regional Director of ECA International, Asia. He added: “This is up from the 3 percent increases seen both last year and the year before that, cementing the city’s position among some of the most expensive locations for renting in the world.” However, rental prices for a high-end three-bedroom apartment in Singapore are still around just half that of renting an equivalent property in Hong Kong, which was ranked the most expensive city in the world. The report also highlighted the impact that exchange rates have on expatriate housing allowances. For instance, rents in Singapore have gone up two percent when converted into US dollars. This is in contrast to the year before when, despite going up in local currency terms just as they have done this year, rents fell one percent when the conversion was made. In a statement, ECA said the report monitors over 180 locations and helps companies set, manage and review the right accommodation allowances for international assignees. Meanwhile, government data analysed by PropertyGuru revealed that the mean average monthly rents for three-bedroom apartments in Singapore grew from around $4,600 in December 2013 to about $4,800 in January this year. At the same time, rental transactions for such units rose to 1,548 in January from 1,391 in the previous month.
Posted on: Thu, 06 Mar 2014 11:14:22 +0000
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