Singapore is the only gateway city in the Asia-Pacific region where housing is deemed relatively affordable and attainable, a new report has found. This is when compared to the most populous cities in the region, said the Urban Land Institute (ULI) in its first home attainability index report. The non-profit education and research institute gathered data on housing and household...
The Republic has the highest homeownership rate of nearly 90 per cent, due to the low cost of HDB units, which have a median price of S$527,918..Singapore is the only gateway city in the Asia-Pacific region where housing is deemed relatively affordable and attainable, a new report has found.
The Republic has the highest homeownership rate of nearly 90 per cent, due to the low cost of Housing Development Board units, which have a median price of US$379,283 . Private homes with a median price of US$1.13 million represent less than 20 per cent of the total housing stock. When measured on a rent-to-income ratio basis, Hong Kong is the most expensive city for rental, with monthly rent representing about 50 per cent of median household income. This is unsurprising given Hong Kong's reputation for being the world's most expensive city, ULI said.
ULI noted that local private housing prices have surged by 6 times since 2003, with a 150 per cent jump in rent. The typical down payment for a mortgage in Hong Kong also stands at around 40 per cent, the highest in Asia-Pacific.
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