Singapore pushed New York off the top spot for the strongest growth in residential rents in the final quarter of last year, fueled by a supply crunch and strong demand.
The city-state saw annual rents jump 28 percent in the quarter from a year earlier, Knight Frank said in a report.
New York followed with 19 percent growth, while London and Toronto took the third and fourth spots, a survey of prime residential rents across 10 cities showed.
Photo: Bloomberg
Singapore’s soaring rents — driven partly due to a lack of supply of new housing during the COVID-19 pandemic — have been a source of consternation for residents, sapping household budgets at a time when living costs are surging.
New visa rules to attract foreign talent are likely to supplement tenant demand.
The city has 17,000 private homes that are set for completion this year, which could provide some relief to accommodation pressures, said Leonard Tay, Knight Frank’s head of research in Singapore.
Ranked at the bottom of the list is Hong Kong, where rents fell 6.4 percent year-on-year as international companies deferred expansion plans, the report said.
Demand from tenants has dwindled as people left the territory during the pandemic.
While prime rents have remained robust across many global cities, the overall rate of annual growth is starting to slow, Knight Frank said.
Separately, Singapore Changi Airport has regained its title as the world’s best airport, after losing its long-held crown to Qatar for two years running during the height of pandemic travel restrictions.
Singapore pushed Doha’s Hamad International Airport into second place, with Tokyo’s Haneda Airport bagging third, in this year’s Skytrax World Airport Awards.
The US was conspicuous by its absence in the top 10.
Paris Charles de Gaulle Airport was Europe’s top performer, up one spot to fifth place, while Seattle-Tacoma International Airport was the highest ranked North American airport, languishing in 18th place, but an improvement from 27th place last year.
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