SINGAPORE is now the 5th and the 3rd most expensive country in the world and Asia respectively for two-bedroom rental property.
This ranking came about as a result of a 15 per cent increase in monthly rent to US$2,810 (S$3,600) last year for an unfurnished two bedroom property, according to a report by ECA International, a knowledge and solutions provider for international human resources professionals.
'The rebound in Singapore has been driven by a general recovery in house prices along with increased demand,' says Lee Quane, Regional Director, ECA Asia.
'Assignee numbers are up again in Singapore following falls during the economic downturn. This has placed pressure on rental accommodation, particularly in areas popular with expatriates.'
In addition, exchange rate fluctuations play an important role when making direct comparisons of residential property for rent. 'The strengthening of the Singapore dollar against its American counterpart has contributed to the relative increase in accommodation costs - when Singapore rents are quoted in local currency they have increased at the lower, albeit significant, rate of 9 per cent year-on-year,' says Mr Quane.
Tokyo is the most expensive location globally for two-bedroom rental property.
Source: AsiaOne 15 Feb 2011
