{"id":115348,"date":"2020-04-02T10:36:43","date_gmt":"2020-04-02T03:36:43","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/expat-rents-in-singapore-increase-for-the-first-time-in-five-years\/"},"modified":"2020-04-02T11:11:27","modified_gmt":"2020-04-02T04:11:27","slug":"expat-rents-in-singapore-increase-for-the-first-time-in-five-years","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/expat-rents-in-singapore-increase-for-the-first-time-in-five-years\/","title":{"rendered":"Expat rents in Singapore increase for the first time in five years"},"content":{"rendered":"


\nThe average monthly rental for expatriates in Singapore rose 1.4% from last year to $6,069 (US$4,233) \u2013 its first increase in five years, showed a study by ECA International.
\nECA International\u2019s Regional Director for Asia Lee Quane attributed the uptick to an influx of overseas relocation, particularly by expats coming in from Hong Kong.
\n\u201cThe last 12 months have seen increases in overseas relocation to Singapore, especially in the fintech and pharmaceutical sectors,\u201d he said.
\n\u201cThere was also evidence that expatriate populations were moving from Hong Kong to the relative stability of Singapore, thus increasing the demand for housing, although tighter restrictions on work permits for overseas workers have now counteracted this somewhat.\u201d
\nHe noted that Singapore remains the ninth most expensive destination in Asia for overall rental cost.
\nHong Kong continued to be the world\u2019s most expensive location for expat accommodation for the third consecutive year, albeit the city is expected to witness drops throughout 2020.
\n\u201cHong Kong has the most expensive rents due to a number of factors such as the high population density of the territory and limited opportunities to build new homes, which combine to drive rental costs upwards,\u201d explained Quane.
\n\u201cHowever, in light of the prolonged anti-government protests and Coronavirus outbreak currently underway, we expect to see rents fall throughout 2020 as the number of overseas workers in Hong Kong drops significantly and the usually high demand for housing is tempered.\u201d
\nTokyo nestled on third spot with average monthly rental costs at $13,194 (US$9,207). Yokohama and Osaka came in at seventh and eighth place, respectively, reported Singapore Business Review.
\nCities in China posted varying rental trends in the past year, with Shanghai emerging as the third costliest city in Asia with monthly rent up to $7,684 (US$5,363). While Beijing\u2019s expatriate accommodation costs were fairly static, with the capital city sitting in 19th place globally, other cities witnessed huge increases in the average rent. Shenzen recorded the biggest increase of 7.22%.
\nTaipei, Taiwan\u2019s capital, was another city that recorded a steep hike in rent from last year at 5.29%, bringing the city in the top 50 most expensive destinations in the world.
\n\u201cThe rent increases seen in Taipei are down to two main factors. Firstly, expatriate numbers increased in the city due to the award of government contracts for a major offshore wind power project. Secondly, after years of unsustainable rises to property sales prices in Taipei, competition for rentals has increased as many local nationals continue to rent in anticipation of future drops in the housing market.\u201d
\nAlso included in Asia\u2019s top 10 list were Seoul at fifth place, Mumbai at seventh and Bangkok at tenth place.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Expat rents in Singapore increase for the first time in five years<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The average monthly rental for expatriates in Singapore rose 1.4% from last year to $6,069...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-115348","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-u0s","jetpack-related-posts":[{"id":91282,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/spore-returns-to-top-20-list-of-most-expensive-cities-for-expats\/","url_meta":{"origin":115348,"position":0},"title":"S\u2019pore returns to top 20 list of most expensive cities for expats","date":"June 13, 2018","format":false,"excerpt":"\r Singapore has been ranked as the 20th most expensive city globally in the latest survey by ECA International. Singapore has once again returned to the top 20 list of most expensive cities for expats, reported Channel NewsAsia citing the latest survey by ECA International. The city-state was ranked 20th\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":119940,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-remains-worlds-most-liveable-city-for-east-asian-expats\/","url_meta":{"origin":115348,"position":1},"title":"Singapore remains world\u2019s most liveable city for East Asian expats","date":"January 28, 2021","format":false,"excerpt":"\r Recognised for its \u2018superior infrastructure, low pollution\u2019 and successful handling of the pandemic, Singapore remains the world\u2019s most liveable city for East Asia expatriates for the 15th year running.\u00a0 For 15 consecutive years, Singapore has continued to be ranked as the world\u2019s most liveable city for East Asia expatriates\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/01\/Merlion_and_the_Singapore_Skyline.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":113026,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-is-the-7th-most-expensive-city-in-asia-for-expats-to-live-survey\/","url_meta":{"origin":115348,"position":2},"title":"Singapore is the 7th most expensive city in Asia for expats to live: Survey","date":"December 12, 2019","format":false,"excerpt":"\r Singapore\u2019s rise is attributed to the strong Singapore Dollar.\u00a0\u00a0 Singapore is the seventh most expensive city in Asia for expats to live, and the 13th most expensive city globally, according to the latest\u00a0Cost of Living Survey by ECA International, reported Singapore Business Review. The city-state rose two spots and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2019\/12\/Singapore-7th-most-expensive-cities-in-the-world-for-expats.png?fit=600%2C257&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":76972,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-falls-to-8th-most-expensive-place-in-asia-to-rent-mid-market-homes\/","url_meta":{"origin":115348,"position":3},"title":"Singapore falls to 8th most expensive place in Asia to rent mid-market homes","date":"January 17, 2018","format":false,"excerpt":"\r Singapore has continued to slip down the list of the most expensive location for rental accommodation in Asia as it settled in the eighth place, down one notch from last year, revealed a survey by ECA International. Notably, the city-state was ranked fourth in 2016. Lee Quane, ECA International\u2019s\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":57258,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/spore-drops-out-of-top-20-list-of-worlds-most-expensive-cities-for-expats\/","url_meta":{"origin":115348,"position":4},"title":"S'pore drops out of top 20 list of world\u2019s most expensive cities for expats","date":"June 8, 2017","format":false,"excerpt":"\r The weakening Singapore dollar has made the city-state less expensive for expatriates. 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