SINGAPORE – Private residential homes in Singapore continue to be the most expensive in the Asia-Pacific for the second year in a row, according to a report by the Urban Land Institute released on May 21.
However, the report also ranked public housing in Singapore as the “most attainable” in terms of home ownership in 2023. It noted that the country has a home ownership rate of nearly 90 per cent. In 2023, private home prices in Singapore rose 7 per cent despite property cooling measures implemented in April that year – when additional buyer’s stamp duty rates were raised and loan-to-value ratios were tightened, the report said.
This was followed by Singapore private homes, which had a median of US$11,749 per sq m, and Shenzhen in China with an average of US$10,142 per sq m. Renting is generally “significantly more affordable” than buying a home in the region, said the report.