Singapore & Mumbai Most Expensive for Housing in Asia & India
Singapore has overtaken Hong Kong as the most expensive city in the Asia-Pacific region for private homes for both rent and purchase. The median price of Singapore’s private homes was $1.2 million (Rs 9.87 crore per square metre) in 2022, compared to Hong Kong’s $1.16 million, said a new report by global nonprofit research and education organisation Urban Land Institute (ULI). The report also mentioned Indian cities. Among the eight cities studied in India, Mumbai has the highest median home price per square metre of $3,383 (Rs 2,78,466), with Delhi NCR trailing far behind at $1,358 (Rs 1,11,781). Compared to other developing countries, India’s housing price is relatively inexpensive compared to the median household income. ULI’s report, 2023 Asia Pacific Home Attainability Index, provides a snapshot of the extent to which housing is attainable in cities in the region. Rents in the city-state were also the region’s highest, the report said. Private rental homes in Singapore also had the highest monthly rent in the region at $2,600, “far exceeding” other cities such as Sydney, Melbourne, and Hong Kong, according to the report. Among the eight cities studied in India, Mumbai has the highest median home price per square metre of $3,383 (Rs 2,78,466), with Delhi NCR trailing far behind at $1,358 (Rs 1,11,781). Compared to other developing countries, India’s housing price is relatively inexpensive compared to the median household income, the report said. ULI’s report, 2023 Asia Pacific Home Attainability Index, provides a snapshot of the extent to which housing is attainable in cities in the region. Rents in the city-state were also the region’s highest, the report said. Private rental homes in Singapore also had the highest monthly rent in the region at $2,600, “far exceeding” other cities such as Sydney, Melbourne, and Hong Kong, according to the report. Australia: Home prices have declined in Australia’s top two cities, Sydney and Melbourne. COVID-19 has caused a migration of people from Sydney to smaller regional cities, with people looking for more space; this has created a housing shortage in the regional cities, worsening home attainability for existing residents. Tier 1 and 2 cities in the mainland China: Similar to last year’s findings, mainland Chinese cities rank among the lowest in terms of home attainability. Home prices are closely tied to new housing supply and population increases. Hong Kong SAR: Home prices dropped substantially in 2022, returning to 2017 prices, mainly caused by a drop in population and a rising mortgage interest rate. India: Among the eight cities studied in India, Mumbai has the highest median home price per square metre of US$3,383, with Delhi NCR trailing far behind at US$1,358. Compared to other developing countries, India’s housing prices are relatively inexpensive compared to the median household income.
Tags : Singapore Hong Kong expensive city Asia-Pacific private homes rent purchase global nonprofit research education organization Urban Land Institute India Mumbai Asia Pacific Home Attainability Index