TAIPEI (Taiwan News) — The price of purchasing and renting property in Taipei remains an issue for residents or those hoping to move to Taiwan’s capital. 

Based on April data from the Global Property Guide, Taipei is the second most expensive city in Asia for purchasing property based on the average cost per square meter. One square meter of residential property in Taipei currently averages US$17,551 (NT$576,000). 

The only city in Asia with a higher cost for a square meter is Hong Kong, which averages nearly US$25,802 (NT$834,000), per CNBC. The cost in Singapore, ranked third out of 10, is much closer to Taiwan, at US$16,619 per square meter. 

In fourth and fifth place are Tokyo, Japan, and Bangkok, Thailand, which both have substantially cheaper real estate costs than Hong Kong, Taipei, or Singapore. One square meter of space in Tokyo averages US$8,837, while Bangkok averages US$6,485.  

In descending order, the rest of the top most expensive locations in Asia for one square meter of property are Kuala Lumpur, Mumbai, Manila, Hanoi, and Jakarta. 

The situation for renters in Taipei is not much better, as reported by UDN. The same data from the Global Property Guide ranks Taipei as the fifth most expensive city in Asia for renting residential properties, based on the average monthly rental price for a home with a single bedroom and living room. 

The rent for such apartments in Taipei is on average US$816 (NT$26,370). Singapore is currently the most expensive city in Asia for renters, where people pay per month on average US$4,490 (NT$148,000) to rent a single-bedroom home with a living room.

Rounding out the top five most expensive cities for renters in Asia, number two is Hong Kong, where a single bedroom plus living room will cost US$2,173 per month. This is followed by Tokyo and Bangkok, where monthly rent will cost around US$1,216, and US$1,080, respectively, according to Global Property Guide.   

The other most expensive cities for renting properties in Asia, in descending order, are Manila, Kuala Lumpur, Jakarta, Hanoi, and Mumbai.