Thursday, February 24, 2011

Average Expat Rental in Singapore

Average rent an expat would pay in Singapore rose to 2,830 USD per month in 2010 for a two bedroom (2+1) unfurnished property. This makes Singapore the fifth most expensive city in the world and the third most expensive city in Asia for expatriate accomodation. This information is published in the latest accommodation reports by consultancy firm ECA international.

The rebound in the monthly rentals is 15% in USD terms but this is also due to value appreciation of Singapore Dollars against USD. In terms of Singapore Dollars the increase compared to 2009 is 9%.

Ranking for the first 5 is below:
  1. Tokyo - US$4,352
  2. Moscow  - US$3,500
  3. Hong Kong - US$2,830
  4. London - US$2,824
  5. Singapore - US$2,810
The Cosmopolitan Singapore
According to The Telegraph:
The cheapest rental property surveyed was in Karachi, where a two-bedroom apartment is on average 17 times cheaper than in Tokyo. 
The report focused on the neighbourhoods and types of accommodation typically favoured by expatriates. 
It found that luxury residential rents in Hong Kong surpassed Tokyo, with a three-bedroom apartment in the Chinese city's exclusive Peak neighbourhood costing an average $16,700 (£10,411) a month, about 30 per cent more than its Tokyo equivalent.
 Do not get scared if this makes you think that you will need to pay around 3580 SGD per month to a 2+1 flat. As the newspaper said this is the average price (half of the surveyed properties are below this price) and these properties are type of properties (condominiums in Singapore) favoured by expatriates (western foreigners). You can easily rent a decent 2+1 HDB for about 1800 - 2000 SGD per month and for around 2500 SGD per month you can rent a 3+1 HDB flat in a new building. In fact the only significant difference of these new HDB flats compared to expat choice condominium flats is that they are not in a condominium. Even a central business district flat in the brand new Pinnacle @ Duxton is around 3000 SGD per month and it is significantly cheaper as you get far away from the city.

A brand new HDB complex - Pinnacle @ Duxton

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