Singapore among world’s most expensive cities to rent property

Singapore remains the ninth most expensive city to rent property in the world, and the third most costly in Asia, according to a survey by ECA International.

This is despite the average rent for an unfurnished three bedroom apartment rising only three percent last year, one of the lowest in the region.

This is a much lower rate of increase than the previous years when rents rose over 10 percent.

However the strong Singapore dollar pushed rents up by 15 percent in US dollar terms over the past year.

On average, a three bedroom property in Singapore costs US$5,570 per month, the third highest among 22 cities in Asia.

Hong Kong has topped the list as the most expensive place to rent in the world.

Renting in Hong Kong is twice as expensive as Singapore, with average rent for an unfurnished three bedroom apartment costing US$11,813.

This is followed by Tokyo in second place, at approximately US$9,450 per month.

Along with Singapore, Mumbai (13th globally) and Seoul (14th globally) make up the rest of the top five most expensive locations to rent in Asia.

Source : Channel NewsAsia – 20 Feb 2012

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