The average home rent in Singapore has surpassed Hong Kong’s, according to a report by the South China Morning Post.
The news agency reported that all over Hong Kong, average rental charges are now cheaper in US-dollar terms per square ft than in Singapore, based on a price comparison across 3 major locations.
In the central region, average monthly rent in Singapore rose 29.7 last year to S$5.77 per square foot as of Dec 2022, according to the URA.
Meanwhile, Hong Kong’s average rent for a similar region was HK$33.54 (S$5.70).
Hong Kong is renowned for having the most expensive housing market in the world.
In a 2019 Business Insider report, Hong Kong was ranked the costliest city to rent a 2-bedroom apartment, with Singapore coming in at 12th position.
In November last year, angry expatriates complained that rents here had surged by as much as 70 percent, prompting them to pack up and leave the country.
Currently, Singaporeans are frustrated at the high cost of public housing and long wait times for new Built-To-Order flats to be ready, with wait times as long as 7 years.