Singapore slips to 8th most expensive place in Asia for mid-market home rentals

Singapore is now ranked as the eighth most expensive place in Asia for mid-market rentals.
Singapore is now ranked as the eighth most expensive place in Asia for mid-market rentals.ST PHOTO: LIM YAOHUI

SINGAPORE - Singapore continued to slide down the list of most expensive places in Asia for mid-market rentals, according to a survey by ECA International.

The country is now ranked eighth, down one notch from the previous year. In 2016, Singapore was placed fourth.

ECA International's regional director for Asia Lee Quane said: "This is due to a slowing of economic growth and a net reduction in inbound assignments, exacerbating the surplus of higher-end properties on the market that would normally attract expatriates."

He added that this oversupply has reduced average rent levels in Singapore for the past three years.

Hong Kong remains the most expensive location in Asia for rental accommodation, with rents for an unfurnished three-bedroom apartment across popular expatriate neighbourhoods averaging US$10,461 (S$13,800) a month.

In Singapore, rents for a similar three-bedroom apartment average US$4,337 a month, over US$175 cheaper than the previous year, said the survey, which was released on Tuesday (Jan 16).