Singapore 6th costliest city in which to rent
In the second half of 2011, Paris took over from London as the most expensive city in which to rent.
According to Savills, if rental levels are an indication of healthy fundamentals (that is, occupier demand), then Paris, London, Hong Kong and New York look sound.
The strong occupier demand in these cities and the relatively low capital values of Paris, London and
New York make them look fairly valued – especially New York which ranks among the cheapest world class cities to buy.
Savills meanwhile said that Singapore’s introduction of additional stamp duty for foreign buyers in December 2011 is likely to further benefit the rental market. Rents here grew by 5% in the second half of 2011, compared to 4.4% in the first half.
Countering this is the prospect of shrinking expatriate budgets and corporate belt tightening, although Singapore’s middle markets should remain immune, said Savills.
Here's a chart showing Savills' cost of renting index:
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