Singapore private homes most expensive in Asia-Pacific
Private residential homes in Singapore continue to be the most expensive in the Asia-Pacific for the second year in a row, according to a report by the Urban Land Institute (ULI) released on May 21.
Singapore (VNA) - Private residential homes in Singapore continue to be the most expensive in the Asia-Pacific for the second year in a row, according to a report by the Urban Land Institute (ULI) released on May 21.
ULI said the median price of Singapore’s private homes stood at 1.3 million USD in 2023, the most expensive out of the 48 cities in 11 countries that the report studied.
It was followed by Hong Kong (China), which recorded an average home price of 1.15 million USD. Homes in Sydney, the next highest market, had a median price of 1.06 million USD.
In terms of price per square metre, however, Hong Kong was the most costly private housing market in the region with an average price of 18,331 USD per sq m.
ಌ This was followed by Singapore private homes, which had a median of 11,749 USD per sq m, and Shenzhen in China with an average of 10,142 USD per sq m./.
Deputy Prime Minister Tran Hong Ha chaired a hybrid conference on May 21 to discuss some draft decrees on the enforcement of the 2023 Law on Housing and 2023 Law on Real Estate Business.
Prime Minister Pham Minh Chinh has emphasised the need to diversify resources for social housing development, from the State, the public, society and financial institutions, in order to provide support for both sellers and buyers.
The Government on May 17 issued a Resolution approving the proposal to draft amendments to the Housing Law and the Real Estate Business Law, specifically Clause 1 of Article 197 and Clause 1 of Article 82, respectively.
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