By Julie Quek | Posted: 15
February 2011 1912 hrs
SINGAPORE : Singapore is the third most expensive
location in Asia to live in, according to the latest accommodation
reports from consultancy firm ECA international.
Taking the top spot is Tokyo, followed by Hong Kong in the second
place, and Seoul clinching the fourth spot.
Rents have been on the rise in Asia, boosted by economic growth,
strong Asian currencies and the region's growing expatriate
numbers.
ECA, which provides solutions for companies placing their staff
overseas, said that Singapore's rental prices for an unfurnished
two-bedroom property fell by about 17 per cent in 2009 during the
global recession.
This pattern was reversed last year when rents in Singapore rose 15
per cent to US$2,810 a month.
However, when Singapore rents are quoted in the local currency,
they have increased at the lower rate of 9 per cent
year-on-year.
In fact, globally, Singapore went up to 5th position, from 6th in
the annual ranking last year.
Regional Director at ECA Asia, Lee Quane said that the assignee
numbers are up again in Singapore, following falls during the
economic downturn.
Quane added that this has placed pressure on rental accommodation
here, particularly in areas popular with expatriates.
Meanwhile, Hong Kong has recorded some of the biggest price
increases worldwide, up to 3rd position from 9th over the
year.
Between 2009 and 2010, the price of renting two-bedroom property
rose by 22 per cent to US$2,830 a month. This contrasts with
decline in rentals of around 25 per cent the previous year.
Rents in Shanghai and Beijing, globally ranked 24th and 45th, rose
last year after falls in the previous year.
Shenzhen, taking the 114th position, is the cheapest location in
China for two-bed apartments, reflecting the big variations in
costs across the country.
- CNA /ls
