It dropped to eighth place in Asian cities' rankings.
Singapore has continued to fall on the list of the most expensive places in Asia for expats' rental accommodation and took the eighth spot this year, said ECA International.
According to its research, rental prices for an unfurnished, mid-market, three-bedroom apartment in areas commonly inhabited by international executives in Singapore average $5743.2 (US$4,337) per month – over $231.7 (US$175) cheaper per month than a year previously.
ECA International regional director for Asia Lee Quane said, "This is due to a slowing of economic growth and a net reduction in inbound assignments, exacerbating the surplus of higher-end properties on the market that would normally attract expatriates. This oversupply has reduced average rent levels in Singapore for the past three years.”
Singapore previously ranked seventh in 2017 and fourth in 2016.
ECA International also found that the downward trend in accommodation costs in Singapore appeared in other Southeast Asian locations like Ho Chi Minh city, Jakarta, and Yangon.
Moreover, Kuala Lumpur is now out of the top 40 most expensive rental locations and has joined places like Colombo, Sri Lanka, and Kathmandu as the most affordable.
Meanwhile, Hong Kong remains the most expensive location in Asia for rental accommodation. Rental prices for an unfurnished, mid-market, three-bedroom apartment in areas commonly inhabited by international executives in Hong Kong average $13,853.5 (US$10,461) per month.
Rents in Tokyo have continued to go up, rising by 4% on average.
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