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As Singapore Rents Soar, Expats in Hong Kong Bag Bargains

  • Singapore rental gains partly driven by Hong Kong residents
  • HK prime rents fell in second quarter, first drop in two years
Condominiums near Orchard Road in Singapore.

Condominiums near Orchard Road in Singapore.

Photographer: Wei Leng Tay/Bloomberg

The rental markets of rival Asian financial hubs Hong Kong and Singapore have run into a pronounced reversal of fortunes.

Rents of prime accommodation in Singapore, typically favored by expatriates, have surged to the highest in over a decade, closing the gap with notoriously costly Hong Kong. The city-state is set for further gains as the country reopens and foreigners flood the market, including Hong Kong residents who have left due to the city’s crackdown on Covid-19 and civil liberties.