The debate over whether to buy or rent a home remains a hot topic, with strong arguments on both sides. While owning a home gives you stability, renting provides freedom and flexibility. As we look at the housing market in 2024, the question is—Should you buy or rent?
Buying a property offers security because it's a physical asset. Unlike renting, where you pay for a place to live without building any ownership, owning a home is an investment that usually grows in value over time. Plus, owning your own home gives you stability and a sense of permanence that renting can't match.
When you rent, you often can't make changes to the property to suit your needs and renting a place is a significant financial choice, especially in big cities where prices are high. Financial experts generally recommend spending no more than about 30 per cent of your pre-tax income on rent.
Most Expensive Cities to Rent Or Buy House in Asia
As per CNBC report, In April 2024, facts collected from multiple government and prominent real estate websites from each country were analysed by the Global Property Guide researchers. They created a list of middle-range rental rates in some of Asia's big cities.
Based on the report, in the Indian city of Mumbai, the median home price per square meter is $3,382 (₹323,719.56 approximately), and the median rent for a 1-bedroom is around $481 (₹40,088 approximately).
The data below comes from the middle buying rate per square meter, plus the middle monthly rent for a one-bedroom apartment in the priciest area of every mentioned city:
Rent of a 1-bedroom apartment in Major Asian Cities
Housing Data in Asian Cities| City | Median Rent for a 1-bedroom ($) | Buying Price per Square Meter ($) |
|---|---|---|
| Mumbai, India | $ 481 | $ 3,882 |
| Hanoi, Vietnam | $ 688 | $ 2,280 |
| Jakarta, Indonesia | $ 698 | $ 1,726 |
| Kuala Lumpur, Malaysia | $ 735 | $ 3,903 |
| Manila, Philippines | $ 805 | $ 3,813 |
| Taipei, Taiwan | $ 816 | $ 17,551 |
| Bangkok, Thailand | $ 1,080 | $ 6,485 |
| Tokyo, Japan | $ 1,216 | $ 8,837 |
| Hong Kong | $ 2,173 | $ 25,802 |
| Singapore | $ 4,590 | $ 16,619 |
Source: CNBC.com
In 2023, a report by Global Property Guide revealed that Asia's housing market saw a decline. It seems economic growth was slowing and inflation was up. Notably, housing prices in parts of Southeast Asia were dropping. For instance, Ho Chi Minh City in Vietnam had a decrease of 1.18 per cent. Malaysia experienced a similar trend, with a decline of 1.06 per cent. However, other cities remained steady. Taipei and Singapore showed rising housing prices. The increase was 5.17 per cent and 2.74 per cent respectively.
The report suggests the worldwide housing market is finding stability. As inflation slows and central banks halt rate raises, things seem to be settling.