According to a new study, private homes in Singapore surpass Hong Kong in terms of prices and rents as the most expensive among the 45 major cities in Asia Pacific. Nevertheless, as HDB flats are more affordable, Singapore's housing ownership rate has reached nearly 90%, the highest among cities.

The ULI Asia-Pacific Housing Accessibility Index Report 5, released by the Urban Land Institute on Tuesday (May 30), found that Hong Kong, Shanghai, Tokyo and Seoul have lower home ownership rates, reflecting high housing prices and stronger population mobility in gateway cities.

The report looked at 45 major cities in eight countries and regions in Asia Pacific, including Singapore, Australia, Japan, South Korea, China, India, Vietnam and the Philippines.

The median house price for private homes in Singapore was US$120.162 million (S$116.<> million), higher than Hong Kong's US$<>.<> million.

The price per square metre is the highest in Hong Kong

Hong Kong remains the most expensive at $1,9678 in terms of price per square metre, followed by private homes in Shenzhen and Singapore at $1,876 and $1,715.

In terms of rents, the median monthly rent of private homes in Singapore is about US$2600,1686, higher than Hong Kong's US$<>,<>.

Singapore is the wealthiest household with a median annual income of US$8 million, followed by Sydney and Melbourne at US$7900,8 and US$1664,7.

The report explores access to housing in major cities in Asia Pacific from two perspectives. First, the conditions of housing ownership are viewed from the median house price compared to the median annual household income; Second, from the median monthly rent compared to the monthly household income, the smaller the ratio, the more affordable it is.

In terms of the ratio of median house price to median household income, Brisbane apartments in Australia and HDB flats in Singapore are the most affordable, at 4.5 and 4.7.

This article is reprinted with permission from Lianhe Zaobao

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