Renting a place in major cities in Asia can be a significant financial decision, with hefty price tags commonly attached to rental properties. The general rule of spending no more than approximately 30% of pre-tax income on rent is recommended by financial experts. Data gathered in April from various sources such as government websites and real estate marketplaces in each country was used to compile a list of median rental prices across several major cities in Asia. The median prices listed were based on the buying price per square meter and the median monthly rental price for a 1-bedroom apartment in the most expensive region of each city.
The data revealed that Mumbai, India, had a median rent for a 1-bedroom of $481, with a buying price per square meter of $3,882. Hanoi, Vietnam, followed with a median rent of $688 and a buying price per square meter of $2,280. Other cities included Jakarta, Indonesia, with a median rent of $698 and a buying price per square meter of $1,726, and Kuala Lumpur, Malaysia, with a median rent of $735 and a buying price per square meter of $3,903. Manila, Philippines, had a median rent of $805 and a buying price per square meter of $3,813, while Taipei, Taiwan, recorded a median rent of $816 and a buying price per square meter of $17,551. Bangkok, Thailand, had a median rent of $1,080 and a buying price per square meter of $6,485, followed by Tokyo, Japan, with a median rent of $1,216 and a buying price per square meter of $8,837. Hong Kong had the highest median rent for a 1-bedroom at $2,173, with a buying price per square meter of $25,802, while Singapore had a median rent of $4,590 and a buying price per square meter of $16,619.
In 2023, Asia’s housing market experienced a downturn due to weakening economic growth and an inflationary environment, as reported by Global Property Guide. Hong Kong faced housing market woes, with residential construction activity falling by more than 34% year-over-year and inflation-adjusted property prices dropping by more than 9%. Cities in Southeast Asia such as Ho Chi Minh City, Vietnam, and Malaysia also saw decreases in housing prices. Despite this, cities like Taipei and Singapore remained resilient, with housing prices increasing in 2023. The overall global housing market appeared to be stabilizing as inflationary pressures eased in many countries and central banks paused their rate hikes, according to the report.
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