SINGAPORE is now the 5th and the 3rd most expensive country in
the world and Asia respectively for two-bedroom rental
property.
This ranking came about as a result of a 15 per cent increase in
monthly rent to US$2,810 (S$3,600) last year for an unfurnished two
bedroom property, according to a report by ECA International, a
knowledge and solutions provider for international human resources
professionals.
'The rebound in Singapore has been driven by a general recovery
in house prices along with increased demand,' says Lee Quane,
Regional Director, ECA Asia.
'Assignee numbers are up again in Singapore following falls
during the economic downturn. This has placed pressure on rental
accommodation, particularly in areas popular with expatriates.'
In addition, exchange rate fluctuations play an important role
when making direct comparisons of residential property for rent.
'The strengthening of the Singapore dollar against its American
counterpart has contributed to the relative increase in
accommodation costs - when Singapore rents are quoted in local
currency they have increased at the lower, albeit significant, rate
of 9 per cent year-on-year,' says Mr Quane.
Tokyo is the most expensive location globally for two-bedroom
rental property.
-- ST