Singapore's median private home price was US$1.2 million in 2022, compared with Hong Kong's US$1.16 million.
SINGAPORE: The median price of a private home in Singapore was US$1.2 million in 2022, the highest among cities in the Asia Pacific, according to a report published on Tuesday .
In terms of affordability, the median private home price in Singapore was 13.7 times the median household income, a figure that dropped to 4.7 for public Housing Board flats. On the latter measure, Singapore ranks as the second-most affordable city in the Asia Pacific, after Brisbane, with a ratio of 4.5.
It cited a few factors that led to the price increases in Singapore, including a large influx of immigrants and a growing trend of young professionals moving out of family homes for more space and freedom. However, Hong Kong led the way on a per square metre basis. The median home price per sq m in Hong Kong was US$19,768, almost twice that of Singapore's US$10,715. By this measure, Singapore ranks third, after Hong Kong and Shenzhen.In terms of home ownership, Singapore continues to have the highest rate of nearly 90 per cent across public and private housing.
The report cited"a sudden surge in the number of migrants, a slowdown in building completion and relatively limited stock of rental properties either institutionally or individually owned" as factors in the surge in rent.
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