“We need to talk about the rent.”

HOUSING weighs heavily on cost-of-living considerations for the hundreds of thousands of foreigners living and working in Singapore. The 42 per cent surge in residential rents over the last three years is turning into a major push factor for expatriates and their employers.

Much has been made of how rents in Singapore are approaching - surpassing, in some locations - those of Hong Kong, notorious for its tiny, pricey flats. Expats here have voiced shock and unhappiness over their rents shooting up. How do rents here compare to other financial hubs around the world, and will Singapore’s rising costs lead businesses to leave? Is the surge of the last few years a temporary shock or could it leave a dent?

A similar market dynamic is playing out in Dubai, where 90 per cent of residents are foreign. An influx of crypto bros, bankers relocating from Asia and wealthy Russians seeking to shield assets has supercharged rentals, much to the chagrin of expats drawn to the tax-free haven.