Last year, the median price of apartments in Singapore stood at a formidable 4.3 times the median annual household income, according to the recently published 2025 Asia Pacific Home Attainability Index from the Urban Land Institute (ULI), a distinguished global non-profit research and education organization. This statistic paints a vivid picture of the ongoing housing challenges faced by residents in urban areas across Asia.
The report emphasizes that throughout the years of the Home Attainability Index, Housing Development Board (HDB) apartments have emerged as the most feasible pathway to homeownership in major Asian cities. This study evaluated 51 market segments across 41 cities in the Asia-Pacific region, defining “attainable” housing as those with a price-to-income ratio below five.
While urban housing costs continue to escalate across the region, resale prices for HDB flats in Singapore have remained within reach for median-income earners, a stark contrast to the skyrocketing costs in other major cities such as Hong Kong, Tokyo, and Sydney.
With a median price of US$439,348 (or $4,609 per square meter), HDB apartments are relatively accessible, especially when considering Singapore’s median annual household income of $101,666—the highest among the cities analyzed. Notably, about 80% of Singapore’s residents live in HDB units, reflecting their pivotal role in the city-state’s housing landscape.
Apart from Singapore, only Kuala Lumpur in Malaysia and Melbourne in Australia reported segments with a price-to-income ratio of five or lower in 2024. Notably, Perth, Australia, led the pack with the lowest price-to-income ratio at 4.1, revealing intriguing variations in housing affordability across the region.
In stark contrast, private homes in Singapore top the charts in terms of average price per property, with costs soaring to $1.7 million and a price-to-income ratio of 16.9. However, if one dives deep into price-per-square-meter costs, Hong Kong claims the crown for the most expensive city for private homes, averaging a staggering $16,915 per square meter and sporting a price-to-income ratio of 23.4. It seems that luxury can really add up—who knew living in Hong Kong could cost as much as a small yacht?
How does Singapore’s housing market compare to other major cities in the Asia-Pacific region?
Singapore’s housing market, particularly HDB apartments, is more attainable for median-income earners compared to cities like Hong Kong, Tokyo, and Sydney, where housing prices have soared beyond reach.
What percentage of Singapore’s population lives in HDB units?
About 80% of Singapore’s population resides in HDB units, highlighting their significance in the city’s housing framework.
Which city has the highest per-square-meter cost for private homes in the region?
Hong Kong ranks as the most expensive city for private homes by average cost per square meter, reaching an astonishing $16,915, with a price-to-income ratio of 23.4.
