FAP, June 1 (Xinhua)-- according to a new report, private housing in Singapore has now surpassed Hong Kong, China, to become the most expensive housing in the Asia-Pacific region. At a meeting from May 29th to June 1st, the Urban Land Institute (ULI), an American non-profit research organization, released the Asia-Pacific Housing availability Index 2023 (2023 Asia Pacific Home Attainability Index). According to the report, the median private housing in Singapore rose more than 8 per cent to $1.2 million in 2022, surpassing Hong Kong ($1.16 million) for the first time. In addition to house prices, Singapore's monthly rent for private rental housing is also the highest in the region, rising nearly 30 per cent to $2600 in 2022, "far exceeding" other cities such as Sydney, Melbourne and Hong Kong. There are many reasons. Such as the increase in the number of foreign immigrants, the slowdown in the rate of construction completion, and young professionals moving out of multi-generational homes in search of more space and freedom.