The median value of a private home in Singapore was US $1.2 million S $1.6 million in 2022, the highest among cities in Asia Pacific, according to a report published on Tuesday May 30 by the Urban Land Institute ULI Asia Pacific Centre for Housing.
The ULI Asia Pacific Centre for HousingULI Asia Pacific Centre for Housing is a think tank that seeks toadvancing best practices in residential development and address housing issues relevant to the region.
The average monthly cost of a private residence in Singapore was 13.7 times the median household income, a figure that dropped to 4.7 for public Housing Board flats. On the other measure, Singapore is the second-most affordable city in the Asia Pacific, after Brisbane, with a ratio of 4.5.
In 45 cities in nine Asia Pacific nations, Australia, China, India, Indonesia, Japan, the Philippines, Singapore, South Korea, and Vietnam, the report provides a snapshot of the extent to which housing is attainable.
The average price of a private-sector home in Singapore rose more than 8 per cent over the past year, while Hong Kong's median home price fell 8.7 per cent.
The cost rises in Singapore were due to several factors, such as a significantinflux of immigrants and a growing trend of young professionals moving out of family homes for more space and freedom.
The COVID-induced disruption to the supply chain of building materials and labor has caused a decrease in the supply of housing in the past few years.
The Singapore government has vowed to resolve the problem of rising prices by implementing several property cooling measures. The new set, introduced in April, included measures such as a 60 per cent increase in the buyer's tax for foreigners.
Home prices in Hong Kong fell significantly, returning to 2017 prices. The report said that this was mainly due to a drop in population and a rise in mortgage interest rates.
The current cost of a home in Hong Kong is US $1.16 million, a decrease of 8.7 percent from the previous year.
However, Hong Kong led on a per square metre basis. The median home price per square meter in Hong Kong was US$18,768, almost twice that of Singapore's US $10,715. In terms of percentage, Singapore is third in the table, behind Hong Kong and Shenzhen.
In terms of home ownership, Singapore still has the highest rate of 90 per cent in public and private housing. This is due to the government's consistent commitment to enable its citizens to own homes at reasonable prices in the early years of the country's independence in the 1960s, the report said.
The median HDB price went up from $379,000 to $409,000, an increase of 7.9 percent, and the ratio of the median HDB price to the median annual income increased from 4.5 to 4.7, the second-lowest on the list.
In Singapore, the ratio rose to 13.7, up from an average of 13.7 for private homes.
Topping the list was Shenzhen 35.0 followed by Ho Chi Minh City 32.5, a sharp drop from the previous year's 30.5.