The cost of renting a 1-bedroom apartment in 10 major cities in Asia.
Living in a major city and renting a place can be a significant financial commitment due to the high cost of housing.
Financial experts recommend spending no more than about 30% of your pre-tax income on rent.
Researchers at the Global Property Guide compiled a list of median rental prices in major cities in Asia based on data gathered in April from various government websites and large real estate marketplaces in each country.
The median buying price per square meter and the median monthly rental price for a 1-bedroom apartment in the most expensive region within each respective city are as follows:
Mumbai, India
Median rent for a 1-bedroom: $481
Buying price per square meter: $3,882
Hanoi, Vietnam
Median rent for a 1-bedroom: $688
Buying price per square meter: $2,280
Jakarta, Indonesia
Median rent for a 1-bedroom: $698
Buying price per square meter: $1,726
Kuala Lumpur, Malaysia
Median rent for a 1-bedroom: $735
Buying price per square meter: $3,903
Manila, Philippines
Median rent for a 1-bedroom: $805
Buying price per square meter: $3,813
Taipei, Taiwan
Median rent for a 1-bedroom: $816
Buying price per square meter: $17,551
Bangkok, Thailand
Median rent for a 1-bedroom: $1,080
Buying price per square meter: $6,485
Tokyo, Japan
Median rent for a 1-bedroom: $1,216
Buying price per square meter: $8,837
Hong Kong
Median rent for a 1-bedroom: $2,173
Buying price per square meter: $25,802
Singapore
Median rent for a 1-bedroom: $4,590
Buying price per square meter: $16,619
A report by Global Property Guide stated that Asia's housing market experienced a decline in 2023 due to slowing economic growth and high inflation.
Despite a struggling economy, Hong Kong's housing market remains in turmoil, with residential construction activity falling by more than 34% year-over-year and inflation-adjusted residential property prices plummeting by more than 9% in 2023, according to the report.
The cost of housing in Southeast Asian cities like Ho Chi Minh City, Vietnam (-1.18%) and Malaysia (-1.06%) has decreased.
Despite the overall market environment, cities like Taipei and Singapore have remained resilient, with housing prices increasing by 5.17% and 2.74% in 2023, respectively.
The global housing market is showing signs of stability as inflationary pressures decrease in several countries and central banks halt their rate increases, according to the report.
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