SINGAPORE has fallen to seventh place in a regional ranking for high-end rental accommodation this year. It was the fourth most expensive location in Asia last year.
According to the latest Accommodation Survey published by mobility solutions provider ECA International, rents for an unfurnished three-bedroom apartment across popular expatriate neighbourhoods in Singapore average US$4,535 per month.
Findings also showed that since 2012, average rents in Singapore have significantly decreased.
Lee Quane, regional director, Asia, of ECA International, said there have been several contributing factors at play. "Firstly, expatriate numbers in Singapore have stabilised recently, which has curbed demand for rental property in popular expatriate neighbourhoods. Furthermore, improved transport links in Singapore have led to movement away from historically popular districts such as 9-11 to cheaper locations. Singapore has also received more assignees from places such as China, Malaysia, Taiwan and Thailand whose housing budgets are likely to be lower. These factors, combined with an increased supply of property in the market, have caused landlords to respond by reducing rental prices," said Mr Quane.
In Asia, Hong Kong remains the most expensive location for high-end rental accommodation, with rents for an unfurnished three-bedroom apartment across popular expatriate neighbourhoods averaging US$10,189 per month.
Tokyo came in second place, followed by Seoul and Yokohama. The Chinese cities of Shanghai and Beijing were next, coming in right before Singapore.