- At their 2023 Asia Pacific Summit happening from 29 May to 1 June, ULI unveiled its 2023 APAC Home Attainability Index.
- The report compared housing prices against the median income across 45 cities in the APAC region and Singapore’s private sector homes have now greatly surpassed last year’s top runner, Hong Kong, as the most expensive in the region.
- Singapore’s private sector rental homes are now also the most expensive in the region at a US$2,600 (SG$3,500)/month on average.
SINGAPORE – Media OutReach – 30 May 2023 – The Urban Land Institute’s (ULI) recently released 2023 Asia Pacific Home Attainability Index report provides a high-level snapshot of the extent to which housing is attainable in cities in the Asia Pacific region. The report covers 45 cities in nine countries, namely, Australia, China, India, Indonesia, Japan, the Philippines, Singapore, South Korea, and Vietnam, with a combined population of 3.5 billion or around 45% of the world’s total population, measuring home attainability for both home ownership and home rentals in relation to the median income of households.
Kenneth Rhee, Senior Director of ULI China and primary author of the report said, “Housing stocks and home attainability vary greatly in the Asia Pacific region. Key factors for home attainability include demographic trends, government policies related to land use and density, the ability to redevelop or regenerate urban areas in decay, availability of financing for home purchase, the government’s involvement in the home provision, and the impact of COVID on new home supply.”
In terms of home ownership, housing in Singapore is deemed most attainable with the median price of Housing Development Board (HDB) units at 4.7 times the median household income. Home attainability is severely challenged in Tier 1 and leading Tier 2 cities in mainland China, Hong Kong SAR, Metro Manila, Metro Cebu, Ho Chi Minh City, and Danang with median home prices at approximately 20 to 35 times median household income. Compared to home ownership, home rentals are deemed more attainable with monthly rent for most cities at below 30% of median household income. Cities in Japan and South Korea have the lowest ratio of monthly rent to income.
About the ULI Asia Pacific Centre for Housing
Established in 2022, the ULI Asia Pacific Centre for Housing aims to advance best practices in residential development and support ULI members and local communities in creating and sustaining a full spectrum of housing opportunities. The Centre for Housing publishes the annual Asia Pacific Home Attainability Index.
The Centre for Housing acts as a think tank and provides a forum to explore the latest trends and to address housing issues relevant to the region. Our programme of work is delivered through events, research, education, and advisory services for government policymakers, developers, investors, occupiers, and communities at large.
