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Singapore private home prices still ahead of HK, Sydney as immigrants bolster demand

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PRIVATE homes in Singapore continued to be the most expensive to own in the Asia-Pacific, outpacing Hong Kong and Sydney, based on data from the Urban Land Institute (ULI) released on Tuesday (May 21).

The median price of Singapore’s private-sector homes in 2023 stood at US$1.32 million, up 8.4 per cent from the year before. ULI attributed the increase to a large influx of immigrants into the sector.

On a per square metre (psm) basis, Hong Kong continued to be the most expensive housing market with a median home price of more than US$18,000 psm, surpassing Singapore, which stood at US$11,749 psm. Home median price in Hong Kong stood at US$1.16 million, ULI data indicated.

The next highest market after Hong Kong was Sydney houses, which have a median price of US$1.06 million.

Although Singapore continued to be the most expensive city to own a private home, recent cooling measures – particularly the 60 per cent stamp duty for foreign buyers who buy homes in the Republic – redirected many foreign buyers to the Tokyo Ku housing market, ULI said.

It identified these buyers as wealthy individuals from mainland China who made Singapore a preferred destination for such transactions.

Following the redirection of demand, condominium prices in Tokyo Ku rose by over 39 per cent in 2023, as demand from China buyers increased significantly.
Public housing in Singapore continued to be the most attainable option for home ownership. The median price of Housing and Development Board (HDB) units, which represent 90 per cent of the total housing supply in the market, is less than five times the median annual household income. Source: The Business Times

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