Q4 2023 Housing Matters Report

HOUSING MATTERS Market Snapshot Asia Paci昀椀c and Middle East Q4, 2023

The Sirva Q4, 2023 Housing Matters Report provides an overview of rental market trends in the Asia Paci昀椀c and Middle East regions. Market sentiment continues to be CONTACT US conservative this quarter as the region saw relatively slow growth of between 3 - 5%. China’s economy performed below potential in the second half of 2023 due to weak If you would like more consumption and exports. However, China is still a key contributor to global growth. The weak growth rate is expected to continue in 2024 due to lingering risks in the information on the content context of China’s unresolved real estate sector crisis, subdued global demand for manufactured goods, as well as low business and consumer con昀椀dence. included in this report, please drop us an email at In昀氀ation rates have eased slightly from earlier peaks, but it remains a concern across the region, further impacting household spending habits and dampening demand. concierge@sirva.com. Our Geopolitical tensions, such as the Israel-Hamas war, have created high levels of uncertainty in an already volatile and high-risk milieu, making scenario planning for representative will be glad organizations increasingly vital and relevant. to assist you. Residential rental prices declined in some markets, but it appears that most markets are expected to remain stable in the next few months. Rental rates in Dubai, major EMAIL US cities in Australia, and Auckland, New Zealand, have seen increases in rental rates, putting pressure on the already limited supply of rental properties. Geopolitical uncertainty, generational shifts in the workplace, ongoing regional con昀氀icts and military tensions, and generative AI all have an impact on global talent mobility. Organizations remain conservative in their spending. Flexible programs are increasingly being introduced as a reaction to rising in昀氀ation and price increases. Under this program, employees get a 昀椀xed budget, and they select the bene昀椀ts that are most important to them before embarking on an assignment. Talent mobility leaders today have to grapple with numerous challenges to drive their people and strategies forward in 2024. This report serves as a guide to assist Human Resources professionals and Mobility teams in reviewing trends, benchmarking relocation budgets across different countries and cities, and making key decisions related to employee relocation. The individual city reports included in this guide provide insights into current rental trends, popular accommodation options for relocating employees, market indicators, and the latest developments that could potentially impact the housing outlook and prices. Access the most current trends and insights on home rental markets in the Asia Paci昀椀c and Middle East regions, right at your 昀椀ngertips.

Rental Trends (Click each city to learn more ) BEIJING SHANGHAI GUANGZHOU DUBAI ABU DHABI $4, 583 $4,306 $2,639 $2,729 $1,572 Tight Normal Normal Tight Tight Beijing Seoul Tokyo SEOUL TOKYO HONG KONG RIYADH Shanghai $2,622 $2,997 $3,650 $3,467 Dubai Delhi Tight Tight Normal Tight Riyadh Abu Dhabi Guangzhou Hyderabad Hong Kong Mumbai Pune MIDDLE EAST Bengaluru ASIA PERTH BRISBANE SYDNEY $1,648 $2,738 $2,442 Kuala Lumpur Extr emely Tight Tight MUMBAI PUNE Singapore Tight $1,805 $9 02 Prices are in US Dollars. For Tight Tight KUALA ADELAIDE MELBOURNE conversion, see page 44. LUMPUR $1,335 $1,846 $939 V ery Tight Tight Average monthly rental price NEW DELHI BENGALURU Tight of 2-bed apartment in a $1,805 $9 63 mid-tier location Tight Tight Tight market supply of SINGAPORE AUSTRALASIA Brisbane leasing properties $2,963 Perth AUCKLAND Excess market supply of HYDERABAD Adelaide Sydney leasing properties Normal Auckland $1,866 $721 Melbourne Normal market supply of Tight leasing properties Tight

Asia

Beijing, Mainland China Residential rental property market remains stable Property Trends Good to Know Popular Locations & Sirva Tips Reduced activity in Q4 due to the holiday season. On December 1, 2023, China implemented a unilateral Housing Types Make swift decisions once the right property has visa-free policy for ordinary passport holders from CBD District been selected, as competition is strong within the Rental rates for properties remain stable. France, Germany, Italy, the Netherlands, Spain, and China market. Sanlitun Malaysia. This brings added convenience for look-see Supply of high-quality rental properties limited Have a few backup options in case your 昀椀rst choice trip arrangements. in popular locations as there is strong competition Dongzhimen falls through. from locals. Subway Line 17 North, the rest of Line 16 Shunyi It’s a landlord’s market in Beijing due to limited (Yushuzhuang to Wanpingcheng) and Suzhou Street Landlords are less willing to entertain tenants’ home supply, therefore many landlords are unwilling to station, the rest of Line 11 west (Jin’an Bridge – 2-to-3-bedroom apartments, 130 to 180 sqm upgrading requests and prefer straightforward and negotiate on price and would prefer the tenant to Moshikou) were put into trial operation on Dec 30, fuss-free tenant agreements. commence with rental as soon as possible. 4-to-5-bedroom villas, 350 to 450 sqm 2023, bringing the total mileage of the Beijing subway No upfront payment is required to secure properties to 836 kilometers, a grand total of 490 stations, of Assignees should begin the search for a suitable costing more than 20,000 RMB per month. For rental which 83 are transfer stations. property around 1 to 1.5 months in advance. properties below 15,000 RMB, tenants may be required The most common residential rental term is a to pay half a month or one month’s rental as deposit, two-year lease with 10+2 early termination clause. subjected to what was agreed upon during negotiations.

RESIDENTIAL RENTAL Beijing: Snapshot of Typical Asking Rents (approx) MARKET TRENDS STANDARD PREMIUM Typical length of tenancy 12 months or 24 months Locations Shuang Jing, CBD, Sanlitun and Chaoyang Park are popular expatriate residential areas Notice period Comes with a lobby, may have a gym, Comes with a lobby and receptionist, gym, 2 months Description 30% expatriates and good property swimming pool, 50% expatriates and excellent Typical deposit management service property management service 2 months Indicate if Indicate if Unique situations rental price is rental price is • New lease: Rent From Rent To up, down or Rent From Rent To up, down or Property Pro昀椀le 10+2 break clause, minimum stay (RMB/Month) (RMB/Month) unchanged (RMB/Month) (RMB/Month) unchanged needs to be 12 months from previous from previous quarter quarter • Renewal lease: more 昀氀exible, usually 4+2 or Typical Size 700 sqft 850 sqft 700 sqft 850 sqft 6+2 break clause 1 Bed Apt 2023-Q4 18,000 21,000 — 26,000 29,000 — Typical Size 850 sqft 1,200 sqft 850 sqft 1,600 sqft 2 Bed Apt 2023-Q4 25,000 30,000 — 27,000 41,000 — Typical Size 1,400 sqft 2,000 sqft 1,400 sqft 2,000 sqft 3 Bed Apt 2023-Q4 29,000 37,000 — 38,000 49,000 — Typical Size 2,000 sqft 3,000 sqft 2,000 sqft 3,000 sqft 4 Bed Apt 2023-Q4 36,000 41,000 — 46,000 62,000 — Typical Size 2,500 sqft 4,000 sqft 2,500 sqft 4,000 sqft 4/5 Bed House 2023-Q4 38,000 48,000 — 45,000 65,000 —

Shanghai, Mainland China Demand for new and large properties dipped as the market slowed down in the fourth quarter Property Trends Good to Know Popular Locations & Sirva Tips Shanghai remains as the top destinations for foreign Shanghai rolled out the Shanghai International Housing Types Make swift decisions once the right property has been selected, as competition within the domestic expatriates, domestic elites, and Chinese returnees. Service Portal, a new online portal for Xintiandi: 2-to-3 bedrooms, 150sqm market is strong. Locals tend to have fewer requests expatriates. It is currently in beta version. Rental rates for properties remain stable. French Concession: 2-to-3 bedrooms, 150sqm and are very 昀氀exible in terms of rental agreements, The portal serves as a one-stop resource hub conditions and furnishings of units, and payment for foreigners traveling to or residing in Supply of rental properties limited in popular Green City (Jinqiao area), Huacao, Qingpu: 4-to-5 terms. Shanghai. It will be made available in eight locations, especially for corporate-owned villa bedrooms, 320 to 400sqm other languages, namely Japanese, Korean, compounds. Have a few backup options in case your 昀椀rst choices German, French, Spanish, Portuguese, Russian Hongqiao, Gubei, Lujiazui: 3-to-4 bedrooms, fall through. Landlords are expecting a leased to be signed and and Arabic. 250sqm started quickly. Some landlords may request a holding deposit of Upfront payment to secure the property is 10,000 RMB or one month’s rent. Ensure the amount Many properties are aging which makes it dif昀椀cult for usually at 10,000 RMB or 1 month’s rent is available beforehand. assignees to 昀椀nd a property in good condition. (case by case basis). Assignees should begin the search for a suitable property around 1 to 1.5 months in advance for those looking for apartments, and 1.5 to 2.5 months in advance for houses.

RESIDENTIAL RENTAL Shanghai: Snapshot of Typical Asking Rents (approx) MARKET TRENDS STANDARD PREMIUM Typical length of tenancy 12 months or 24 months Locations Lu Jiazui, Jing’an, Xujiahui, Hongqiao, Former French Jinqiao, Xin Tiandi, Former French Concession, Notice period Concession, Qingpu, Central Park Hongqiao, Central Park 2 months Indicate if Indicate if Typical deposit rental price is rental price is 2 months Rent From Rent To up, down or Rent From Rent To up, down or Property Pro昀椀le (RMB/Month) (RMB/Month) unchanged (RMB/Month) (RMB/Month) unchanged Unique situations from previous from previous • New lease: quarter quarter 10+2 break clause, minimum stay needs to be 12 months Typical Size 700 sqft 850 sqft 700 sqft 850 sqft 1 Bed Apt 2023-Q4 17,000 23,000 — 25,000 30,000 — • Renewal lease: more 昀氀exible, usually 4+2 or Typical Size 850 sqft 1,200 sqft 850 sqft 1,200 sqft 6+2 break clause 2 Bed Apt 2023-Q4 22,000 30,000 — 30,000 42,000 — Typical Size 1,300 sqft 1,800 sqft 1,300 sqft 1,800 sqft 3 Bed Apt 2023-Q4 30,000 40,000 — 40,000 56,000 — Typical Size 1,800 sqft 3,000 sqft 1,800 sqft 3,000 sqft 4 Bed Apt 2023-Q4 38,000 62,000 — 50,000 80,000 — Typical Size 3,000 sqft 5,000 sqft 3,000 sqft 5,000 sqft 4/5 Bed House 2023-Q4 47,000 75,000 — 65,000 100,000 —

Guangzhou, Mainland China A dip in demand for residential rental properties expected until the end of Chinese New Year Property Trends Good to Know Popular Locations Sirva Tips Reduced demand for rental properties. On December 1, 2023, China implemented a Zhujiang New Town Make swift decisions once the right property has unilateral visa-free policy for ordinary passport been selected, as competition within the domestic Rental rates for properties remain stable. holders from France, Germany, Italy, the market is strong. Locals tend to have fewer requests Netherlands, Spain, and Malaysia. This brings An increased number of personal leases. and are very 昀氀exible in terms of rental agreements, added convenience for look-see trip conditions and furnishings of units, and payment arrangements. Competition remains stiff among locals. terms. Landlords are more willing to negotiate on rental Metro Line 5 east extension and Metro Line 7 Assignees should review the local rental market conditions during the lull periods. Phase II have been in operation since December trends one to two months before their arrival and 28, bringing the total mileage of Guangzhou schedule viewings one month before, as landlords Upfront payment to secure the property is usually at Metro to 653 kilometers. tend not to wait for more than two weeks for 10,000 RMB, 20,000 RMB, or 1 month’s rent (depending con昀椀rmation. on the property). Common rental period terms are 1-to-2 year lease or longer with a 10+2 early break clause. 10,000 to 20,000 RMB or one month’s rent is required to secure a property in the presence of other competitors.

RESIDENTIAL RENTAL Guangzhou: Snapshot of Typical Asking Rents (approx) MARKET TRENDS STANDARD PREMIUM Typical length of tenancy 12 months or 24 months Renewal: 12 months Zhujiang New Town (West Zone); Sports Center West (Tianhe District) Locations Binjiang Road (Haizhu District); Zhujiang New Town (Middle & East Zone); Notice period Linhecun (Tianhe East Zone) Golden Lake (Villas, Baiyun District) 2 months Comes with a lobby, may have a gym, Comes with a lobby and receptionist, gym, Typical deposit Description 30% expatriates and good property swimming pool, 50% expatriates and excellent 2 months management service property management service Unique situations Indicate if Indicate if • New lease: rental price is rental price is 10+2 break clause, minimum stay Rent From Rent To up, down or Rent From Rent To up, down or Property Pro昀椀le (RMB/Month) (RMB/Month) unchanged (RMB/Month) (RMB/Month) unchanged needs to be 12 months from previous from previous • Renewal lease: quarter quarter more 昀氀exible, usually 4+2 or Typical Size 700 sqft 850 sqft 700 sqft 850 sqft 6+2 break clause 1 Bed Apt 2023-Q4 9,500 16,000 — 15,500 24,000 — Typical Size 850 sqft 1,200 sqft 850 sqft 1,200 sqft 2 Bed Apt 2023-Q4 10,000 17,500 — 19,000 27,500 — Typical Size 1,300 sqft 1,800 sqft 1,300 sqft 1,800 sqft 3 Bed Apt 2023-Q4 16,500 25,000 — 28,000 36,500 — Typical Size 1,800 sqft 3,000 sqft 1,800 sqft 3,000 sqft 4 Bed Apt 2023-Q4 32,000 44,000 — 44,000 57,000 — Typical Size 3,000 sqft 5,000 sqft 3,000 sqft 5,000 sqft 4/5 Bed House 2023-Q4 38,000 60,000 — 42,000 67,000 —

Hong Kong Residential rental momentum slows but prices remain resilient Property Trends Good to Know Popular Locations Sirva Tips Monthly rental rate thrived with a minor increment of On December 1, 2023, China implemented a unilateral Sai Ying Pun Ensure that assignees have suf昀椀cient funds on hand 0.3% month-on-month. visa-free policy for ordinary passport holders from Wan Chai to compete in the bidding process for popular France, Germany, Italy, the Netherlands, Spain, and properties. Rental rates remain resilient, especially for luxury Malaysia. This brings added convenience for look-see Tseung Kwan O properties in the Southern District. Timing is of the essence. If an assignee is really keen trip arrangements. A 4,759 square feet house in Shouson Hill in Island Lohas Park on an apartment, presenting a deposit is a good way Metro Line 5 east extension and Metro Line 7 Phase II to show sincerity and interest. South was leased out for HK$600,000 per month and have been in operation since December 28, bringing the a 4,190 square feet house in Residence Bel-Air Assignees are recommended to start searching for total mileage of Guangzhou Metro to 653 kilometers. Phase 5, Pokfulam, was leased out for HK$308,000 accommodations up to four weeks prior to their per month. Tenants are required to pay 50% of a month’s rental as desired move-in date. Volume of available properties is expected to rise a real estate agency commission fee. Landlords of the lower budget range of properties are steadily due to the government’s relaxation of Tenants are required to pay 1 month’s advance rental less open to negotiations. “cooling measures” and the in昀氀ux of Chinese and 2 months’ security deposit to secure their choice Landlords are more inclined to lease a unit to tenants mainland talent. property. who have an early start date. Tenants are placing more importance on the condition Common rental period term is a 2-year lease with a and renovation of apartment interiors. break clause. 1-to-2-bedroom units of 400 to 700 square feet are the most highly sought after apartment types.

RESIDENTIAL RENTAL Hong Kong: Snapshot of Typical Asking Rents (approx) MARKET TRENDS STANDARD PREMIUM Typical length of tenancy 24 months Locations Western District, Wan Chai, Eastern District, Mid Levels Central, Happy Valley, Notice period Tseung Kwan O Southside of Hong Kong 2 months Indicate if Indicate if Typical deposit rental price is rental price is 2 months Rent From Rent To up, down or Rent From Rent To up, down or Property Pro昀椀le (HKD/Month) (HKD/Month) unchanged (HKD/Month) (HKD/Month) unchanged Unique situations from previous from previous The minimum commitment is a quarter quarter 24 months lease with 12+2 break clause option (i.e., minimum 14 Typical Size 400 sqft 500 sqft 400 sqft 500 sqft 1 Bed Apt 2023-Q4 22,000 27,000 25,000 30,000 — months) whereby some corporate landlords will set for 12+3 break clause. Typical Size 550 sqft 700 sqft 550 sqft 700 sqft 2 Bed Apt 2023-Q4 25,000 45,000 — 35,000 42,000 — Typical Size 700 sqft 1,200 sqft 700 sqft 1,200 sqft 3 Bed Apt 2023-Q4 35,000 50,000 — 40,000 65,000 — Typical Size 1,200 sqft 2,000 sqft 1,200 sqft 2,000 sqft 4 Bed Apt 2023-Q4 63,000 95,000 — 72,000 100,000 Typical Size 3,000 sqft 4,000 sqft 3,000 sqft 4,000 sqft 4/5 Bed House 120,000 180,000 2023-Q4 100,000 130,000

India (Pune, Bengaluru, New Delhi, Hyderabad, Mumbai) Demand for rental properties continues to exceed supply Property Trends Sirva Tips Residential rental markets continue to show Expatriates to India will opt for 3-to-4-bedroom Work with a Real Estate Regulatory Authority Assignees are highly advised to start searching persistent increase in demand. properties. (RERA) registered realtor to safeguard the for their accommodations 10-15 days before assignee’s interests. the desired move-in date for lower-end Demand for lower budget properties exceed that for There is an increase in the demand for properties, and at least one month in advance mid- and high-range properties. temporary accommodations for those on Ensure all title papers to the property are for mid- to high-end properties. More time short-term assignments. veri昀椀ed. needs to be allocated for corporate leases due Properties are snapped up within 1 to 2 days of being to extensive paperwork. on the market and, in some cases, a few hours. Tier 2 and Tier 3 cities are more popular due Keep an open mind and consider options to lower rental costs. further away from the Central Business District Commission for realtors remain at 1 month’s rent. and city centre. Co-living remains a trend in Hyderabad and Bangalore Duplicated listings are common. Assignees where the majority of singles relocate to. need to be cautious when selecting properties because if the assignee views the same listing 2-bedroom apartments are popular among intra-India twice with different realtors and eventually moves. decides on the unit, both realtors will demand to be paid.

India New Delhi • The security deposit for a rental unit is • Developers usually build 2, 3 and 4-bedroom • There are very few affordable villas available. approximately 3-6 months’ rent. apartment blocks. • Most properties within Gurgaon are multi-story • Koregaon Park, Kalyani Nagar, Viman Nagar, • The security deposit for a rental unit is apartments. Magarpatta, Aundh, Baner, and Wakhad are approximately 3-6 months’ rent. popular areas, especially for the expatriate • BKC, Bandra West, Santa Cruz, Khar West, • Supply of rental units in Gurgaon is extremely community. Wadala, Lower Parel, Worli and Powai are popular tight, therefore landlords are not open to price negotiations. Hyderabad locations due to their proximity to many of昀椀ces, • Rental units in popular areas like Kukatpally, eateries, and malls. • Security deposit for a rental unit is approximately Kondapur, Gachibowli, Miyapur, and Manikonda Bengaluru 3-6 months’ rent. are in huge demand. • Vasant Vihar, Anand Shanti Niketan, Defence • There is high demand, but very low supply, of Colony, and Hauz Khas are popular among • The security deposit for a rental unit is studios and 1-bedroom apartments. approximately 3-6 months’ rent. • Demand for larger properties and gated expatriates because they are close to the communities have increased. diplomatic zone and have heightened security. • The Hyderabad Pharma City project has the • New underpass developed between Gurgaon intention of becoming the largest integrated • The security deposit for a rental unit is pharmaceutical cluster in the world. and Delhi helped to reduce commuting time by approximately 10 months’ rent. half between the two cities. • The Hyderabad Regional Ring Road (RRR) is a • North Bengaluru is a good option for expatriates Pune proposed 340 km four-lane access-controlled as there are newly built gated communities. expressway project by the National Highways • New metro line constructions are underway which • The rising costs of construction and building Authority of India (NHAI), connecting the towns of will improve connectivity. materials have resulted in property prices Sangareddy, Toopran, Choutuppal, Amangal, and skyrocketing. Shankarpally. • Rising interest rates made home purchase Mumbai dif昀椀cult, hence, many people turned to renting • Gated communities are few and far between. instead. • There is an increase in the demand for temporary • No villas are available as most properties are accommodations as assignees are being deployed multi-story apartments. for short-term assignments. • Apartment sizes are smaller.

RESIDENTIAL RENTAL New Delhi: Snapshot of Typical Asking Rents (approx) MARKET TRENDS This information is brought to you by our Supply Chain partner - IOS Relocations Typical length of tenancy 11 months STANDARD PREMIUM Notice period 2 months Defence Colony, Hauz Khas, Safdurjung Enclave, Locations Green Park, Hauz Khas, SDA, Nizamuddin, Saket, New Gulmohar Park, Panchsheel, Sarvodaya Enclave, Anand Friends Colony, Jungpura Extension niketan Typical deposit 3 to 6 months Indicate if Indicate if Unique situations rental price is rental price is It is not compulsory to register Rent From Rent To up, down or Rent From Rent To up, down or Property Pro昀椀le the lease as long as it is not above (INR/Month) (INR/Month) unchanged (INR/Month) (INR/Month) unchanged 11 months’ duration. However, it from previous from previous quarter quarter is mandatory to print and sign the lease on a stamp paper with Typical Size minimum value of INR 100. 1 Bed Apt NOT AVAILABLE NOT AVAILABLE 2023-Q4 Typical Size 900 sqft 1,200 sqft 900 sqft 1,200 sqft 2 Bed Apt 2023-Q4 80,000 110,000 — 100,000 200,000 — Typical Size 1,500 sqft 2,000 sqft 2,000 sqft 3,500 sqft 3 Bed Apt 2023-Q4 150,000 250,000 — 225,000 350,000 — Typical Size 2,000 sqft 3,500 sqft 3,500 sqft 4,000 sqft 4 Bed Apt 2023-Q4 225,000 250,000 — 500,000 650,000 — Typical Size >4,000 sqft >4,000 sqft 4/5 Bed House 2023-Q4 NOT AVAILABLE 650,000 and upwards —

RESIDENTIAL RENTAL Pune: Snapshot of Typical Asking Rents (approx) MARKET TRENDS This information is brought to you by our Supply Chain partner - IOS Relocations Typical length of tenancy 12 months or more STANDARD PREMIUM Notice period Sophan Baug, Magarpatta, Hadapsar, Bhavdhan, 2 months Locations Vishrant Vadi,Tingre Nagar, Wagholi, Wakad, Aundh, Baner, Boat Club Road , Kalyani Nagar, Kharadi, Viman Nagar Typical deposit Koregoan Park, Kharadi 6 to 10 months (negotiable) Indicate if Indicate if Unique situations rental price is rental price is • All leases must be registered. Rent From Rent To up, down or Rent From Rent To up, down or Property Pro昀椀le (INR/Month) (INR/Month) unchanged (INR/Month) (INR/Month) unchanged • Owners will demand a from previous from previous 12 month lock in for quarter quarter most housing options. Typical Size 500 sqft 800 sqft 1 Bed Apt 2023-Q4 30,000 45,000 — NOT AVAILABLE Typical Size 900 sqft 1,200 sqft 900 sqft 1,200 sqft 2 Bed Apt 2023-Q4 35,000 65,000 — 70,000 110,000 — Typical Size 1,400 sqft 2,400 sqft 1,400 sqft 2,400 sqft 3 Bed Apt 2023-Q4 55,000 140,000 — 80,000 175,000 — Typical Size 2,500 sqft 3,500 sqft 2,500 sqft 4,000 sqft 4 Bed Apt 2023-Q4 110,000 170,000 — 150,000 300,000 — Typical Size >4,000 sqft >4,000 sqft 4/5 Bed House 2023-Q4 NOT AVAILABLE 450,000 —

RESIDENTIAL RENTAL Hyderabad: Snapshot of Typical Asking Rents (approx) MARKET TRENDS This information is brought to you by our Supply Chain partner, IOS Relocations Typical length of tenancy 11 months STANDARD PREMIUM Notice period Jubilee Hills, Banjara Hills, Madhapur, Jubilee Hills, Banjara Hills, Madhapur, Kondapur, 2 months Locations Kondapur, Gachibowli, Manikonda, KPHB, Gachibowli, Kokapet, Manikonda, KPHB, Miyapur, Chanda Typical deposit Miyapur, Chanda Nagar, Nallagandla Nagar, Nallagandla, Narsingi, Kokapet 3 to 6 months Indicate if Indicate if Unique situations rental price is rental price is It is not compulsory to register the Rent From Rent To up, down or Rent From Rent To up, down or Property Pro昀椀le lease as long as it is not above 11 (INR/Month) (INR/Month) unchanged (INR/Month) (INR/Month) unchanged months’ duration. All leases with a from previous from previous quarter quarter tenure of more than 11 months must be registered. Typical Size 400 sqft 800 sqft 500 sqft 800 sqft 1 Bed Apt 2023-Q4 30,000 40,000 — 30,000 50,000 — Typical Size 900 sqft 1,250 sqft 900 sqft 1,400 sqft 2 Bed Apt 2023-Q4 35,000 50,000 — 65,000 110,000 — Typical Size 1,600 sqft 3,000 sqft 1,600 sqft 3,000 sqft 3 Bed Apt 2023-Q4 55,000 70,000 — 120,000 170,000 — Typical Size 2,000 sqft 4,500 sqft 2,000 sqft 4,500 sqft 4 Bed Apt 2023-Q4 100,000 130,000 — 190,000 250,000 — Typical Size >3,500 sqft >3,500 sqft >3,500 sqft >3,500 sqft 4/5 Bed House 2023-Q4 180,000-250,000 — 250,000-350,000 —

RESIDENTIAL RENTAL Mumbai: Snapshot of Typical Asking Rents (approx) MARKET TRENDS This information is brought to you by our Supply Chain partner, IOS Relocations Typical length of tenancy 12 months or more STANDARD PREMIUM Notice period Locations Goregaon, Jogeshwari, Andheri Juhu, Bandra, Khar, Santacruz and Powai 2 months Typical deposit Indicate if Indicate if rental price is rental price is 3 to 6 months Rent From Rent To up, down or Rent From Rent To up, down or Property Pro昀椀le Unique situations (INR/Month) (INR/Month) unchanged (INR/Month) (INR/Month) unchanged • All leases must be registered. from previous from previous quarter quarter • Owners will demand a 12 month lock in for Typical Size 500 sqft 700 sqft 500 sqft 700 sqft 1 Bed Apt 2023-Q4 70,000 90,000 — 80,000 130,000 — most housing options. Typical Size 900 sqft 1,200 sqft 900 sqft 1,200 sqft 2 Bed Apt 2023-Q4 90,000 170,000 — 150,000 250,000 — Typical Size 1,200 sqft 3,000 sqft 1,200 sqft 3,000 sqft 3 Bed Apt 2023-Q4 130,000 270,000 — 180,000 500,000 — Typical Size 2,000 sqft 4,500 sqft 2,000 sqft 4,500 sqft 4 Bed Apt 2023-Q4 220,000 240,000 — 350,000 800,000 — Typical Size >4,500 sqft >4,500 sqft 4/5 Bed House 2023-Q4 NOT AVAILABLE 550,000-1,000,000 —

RESIDENTIAL RENTAL Bengaluru: Snapshot of Typical Asking Rents (approx) MARKET TRENDS This information is brought to you by our Supply Chain partner, IOS Relocations Typical length of tenancy 11 months STANDARD PREMIUM Notice period 2 months Lake Vista, Pebble Bay (Apartments), Prestige Ozone, Waterville, Water Woods, Paradise Nest, Skylark Greens, Communities Prestige Silver Oaks, Adarsh Serenity, Central Bengaluru, Chaithanya Armdale, Ferns Paradise, Brigade Caladium, Typical deposit Central Bengaluru, Builder/Private Apartment at Builder/Private Apartment at EBD/NBD/SBD 3 to 6 months EBD/NBD/SBD Unique situations Indicate if Indicate if It is not compulsory to register the rental price is rental price is lease as long as it is not above 11 Rent From Rent To up, down or Rent From Rent To up, down or Property Pro昀椀le months’ duration. All leases with a (INR/Month) (INR/Month) unchanged (INR/Month) (INR/Month) unchanged tenure of more than 11 months must from previous from previous quarter quarter be registered. Typical Size 1 Bed Apt NOT AVAILABLE NOT AVAILABLE 2023-Q4 Typical Size 1,200 sqft 1,500 sqft 1,500 sqft 1,700 sqft 2 Bed Apt 2023-Q4 40,000 90,000 — 80,000 150,000 — Typical Size 1,600 sqft 2,000 sqft 2,500 sqft 3,500 sqft 3 Bed Apt 2023-Q4 90,000 140,000 — 110,000 200,000 — Typical Size 3,000 sqft 4,000 sqft 4,300 sqft 5,000 sqft 4 Bed Apt 2023-Q4 140,000 240,000 — 150,000 300,000 — Typical Size 3,800 sqft 4,500 sqft 4,500 sqft 5,500 sqft 4/5 Bed House 2023-Q4 160,000 250,000 — 275,000 475,000 —

Kuala Lumpur, Malaysia Demand for residential rental properties on the rise Property Trends Good to Know Popular Locations Sirva Tips Residential rental markets continue to show New condominium launches (smaller units): Mont Mont Kiara Be decisive and avoid having multiple options as persistent increases in price of approximately 5% to Kiara (Solaris Parq, Trinity Pentamont), Desa Parkcity this may result in losing the units. Bangar 30%. (Park Regent), KLCC (Pavilion Bukit Ceylon). Be prepared to be 昀氀exible with options, especially Supply of available properties remains tight and Property management of昀椀ces are raising maintenance Damansara Heights if budgets are tight. rental rates are 昀椀rm. fees due to rising costs and in昀氀ation. KLCC Online property portals re昀氀ect listings that may not Properties can be snapped up solely based on video 1 month’s rent is required for upfront payment for the be available, therefore, it is best to approach the U-Thant/Ampang Hilir viewings, especially those in popular locations that 昀椀rst month of tenancy, and 2 months’ rent for security panel realtor for the most updated property listings. Desa Parkcity are close to international schools. deposit which will be refunded interest free at the Landlords in Malaysia rarely give exclusive end of the tenancy after all charges and damages are Due to limited supply, especially the gated and Taman tun Dr Ismail marketing rights to a sole property agent, therefore, paid. A utilities deposit equal to half a month’s rent is guarded compounds, landlords are in a position to it is common to see multiple listings of the same required. further raise rentals. unit on property portals. There is strong demand within the domestic market as Assignees are advised to start looking for properties home ownership has gotten increasingly expensive. about 2 to 3 months before their arrival date. Due to stiff competition over very limited supply, Landlords seldom wait for more than a month to start the lease and properties are booked up to landlords have become more selective in renting out 2 months before the current tenants move out. their properties and may choose those tenants without pets.

RESIDENTIAL RENTAL Kuala Lumpur: Snapshot of Typical Asking Rents (approx) MARKET TRENDS STANDARD PREMIUM Typical length of tenancy 24 months Locations Damansara / Mont Kiara Kenny Hills, Bangsar Notice period 2 months Indicate if Indicate if rental price is rental price is Typical deposit Rent From Rent To up, down or Rent From Rent To up, down or Property Pro昀椀le 3.5 months (MYR/Month) (MYR/Month) unchanged (MYR/Month) (MYR/Month) unchanged from previous from previous Unique situations quarter quarter The minimum lease terms are 24 months but with an option to Typical Size 500 sqft 850 sqft 500 sqft 850 sqft 1 Bed Apt 2023-Q4 2,500 4,000 2,600 4,200 terminate with either a 10+2 or 12+2 break option. Typical Size 850 sqft 1,200 sqft 850 sqft 1,200 sqft 2 Bed Apt 3,700 5,700 2023-Q4 3,700 5,700 Typical Size 1,200 sqft 2,700 sqft 1,200 sqft 4,000 sqft 3 Bed Apt 2023-Q4 5,000 10,000 — 5,000 18,000 Typical Size 1,800 sqft 4,700 sqft 3,600 sqft 5,200 sqft 4 Bed Apt 13,000 22,000 2023-Q4 7,500 16,000 Typical Size 3,000 sqft 8,000 sqft 4,000 sqft 7,500 sqft 4/5 Bed House 2023-Q4 10,000 30,000 12,000 25,000

Singapore Residential rental market slows down with supply exceeding demand Property Trends Good to Know Popular Locations Sirva Tips Residential rental index fell 2.1% quarter-on-quarter. Pasir Panjang, West Coast, and Clementi New Town are Orchard Corporate landlord units are usually taken up very up-and-coming neighbourhoods. There could be a potential easing of residential rental Tanglin quickly without prior viewing appointments. property prices of up to 5% due to an in昀氀ux of newly Telok Blangah and HarbourFront have dramatically Keep an open mind and explore other areas outside Holland Village completed properties in the market. increased in popularity over the last eight years. of the core region, such as HarbourFront, East Coast, Average monthly rental of a 2-bedroom apartment in Thomson-East Coast Mass Rapid Transport (MRT) line Bukit Timah Serangoon Gardens, and West Coast. a mid-tier location is around SGD4000 to SGD5000. will open in the second quarter of 2024, providing Start searching for suitable units at least 1.5 months East Coast faster access to the city center for those living in the The Singapore residential rental market currently in advance. Serangoon Gardens east and North-South Corridor of Singapore. bene昀椀ts tenants as options are aplenty. Landlords are generally less selective of tenant pro昀椀le Typical length of tenancy is 2 years. in a market where supply exceeds demand. Property agents are less willing to co-broker for popular developments or properties in highly sought-after areas but, in general, many are willing to co-broker for apartments priced at SGD6000 and above.

RESIDENTIAL RENTAL Singapore: Snapshot of Typical Asking Rents (approx) MARKET TRENDS STANDARD PREMIUM Typical length of tenancy 24 months Locations Toa Payoh, Ang Mo Kio, Bishan, Serangoon Garden Bukit Timah, Novena, Newton Notice period 2 months Indicate if Indicate if rental price is rental price is Typical deposit Rent From Rent To up, down or Rent From Rent To up, down or Property Pro昀椀le 2 months (SGD/Month) (SGD/Month) unchanged (SGD/Month) (SGD/Month) unchanged from previous from previous quarter quarter Typical Size 500 sqft 650 sqft 500 sqft 650 sqft 1 Bed Apt 2023-Q4 3,100 4,000 3,500 4,000 Typical Size 650 sqft 1,000 sqft 650 sqft 1,000 sqft 2 Bed Apt 2023-Q4 3,800 5,000 — 4,500 7,000 Typical Size 1,000 sqft 1,500 sqft 1,000 sqft 1,500 sqft 3 Bed Apt 2023-Q4 5,000 7,200 — 5,000 9,000 Typical Size 1,500 sqft 3,000 sqft 1,500 sqft 3,000 sqft 4 Bed Apt 7,500 14,000 2023-Q4 6,000 9,000 Typical Size 3,000 sqft 5,000 sqft 3,000 sqft 5,000 sqft 4/5 Bed House 2023-Q4 11,000 23,000 — 14,000 20,000

Tokyo, Japan Residential rental rates maintain an upward trajectory as demand continues to rise Property Trends Good to Know Sirva Tips The average monthly rent of a condominium-type Apartments sized between 30 square meters to 50 For corporate leases, 2 to 4 months’ rental Prioritize key requirements when searching for a unit. apartment in Tokyo’s 23 wards went up by 10.7% square meters went up by 6.6% and smaller sized deposit is required. For personal leases, compared to 2022. apartments of approximately 30 square meters 1 to 2 months’ rental deposit is required. Place a tentative application to secure “昀椀rst increased by 3.7%. Rents increased across all building age ranges with Key money is not needed for corporate applicant” status upon identifying a suitable property. the relatively new properties aged between 6-to-10 Family-type apartments of sizes between 50 square leases, but 1 to 2 months’ key money is Some landlords are charging key money (equal to years old and over 30 years old setting record required for personal leases (lower budget). meters to 70 square meters increased by 8.6%. 1 to 2 months’ rent) and offering 昀椀xed-term leases. highs. Due to limited supply, high-end luxury apartments Agent fee remains at 1 month’s rent and For those with children, identify and apply for schools The fourth quarter saw an unusually high amount are taken before they even reach the open market. 10% consumption tax. in advance to narrow down the search area for rental of activity as the high cost of purchasing properties Expatriates are facing stiff competition from locals Fire insurance is at 20,000 to 30,000 yen. properties. in Japan has spurred locals to turn to renting. who are looking to rent instead of purchasing a Options are very limited and what is available may Rents for more spacious family-type apartments in property as locals tend to negotiate less on rent Popular Locations not be viable in terms of the location, budget, or and rentals terms. Japan’s major cities reached record highs in Azabu Yoyogi condition of the property. It is critical to set the October. Longer stays at temporary accommodations are correct expectations to avoid disappointment. Roppongi Shoto Rents increased across all different apartment common as assignees wait for upcoming vacancies The contract process takes three to four weeks and or for renovation work to be completed. sizes, with the largest increase of 11.3% (since 2022) Toranomon properties can be held for up to one month. for bigger properties of over 70 square meters.

RESIDENTIAL RENTAL Tokyo: Snapshot of Typical Asking Rents (approx) MARKET TRENDS STANDARD PREMIUM Typical length of tenancy 24 months Locations Ebisu, Roppongi, Akasaka, Daikanyama, Nakameguro, Azabu, Daikanyama, Roppongi, Akasaka, Yoyogi Uehara, Notice period Shibuya, Shinjuku, Bay Area Hiroo, Omotesando, Shibuya 2 months Indicate if Indicate if Typical deposit rental price is rental price is 2 to 4 months Rent From Rent To up, down or Rent From Rent To up, down or Property Pro昀椀le (JPY/Month) (JPY/Month) unchanged (JPY/Month) (JPY/Month) unchanged Unique situations from previous from previous • A non-refundable payment known quarter quarter as “key money” of 1 to 2 months of rent may be required. This is most Typical Size 440 sqft 770 sqft 530 sqft 880 sqft 1 Bed Apt 2023-Q4 190,000 440,000 400,000 860,000 — common in the Standard type of accommodation. Typical Size 550 sqft 880 sqft 880 sqft 1,430 sqft • If a contract is broken within the 2 Bed Apt 2023-Q4 250,000 600,000 — 500,000 1,700,000 — 昀椀rst year, one month’s rent will be payable as a penalty. Typical Size 770 sqft 1,100 sqft 1,430 sqft 1,980 sqft • Tenants are also required to take 3 Bed Apt 2023-Q4 350,000 800,000 1,150,000 2,600,000 up a 昀椀re insurance policy that may cost between 20,000 to 30,000 JPY Typical Size 1,870 sqft 2,530 sqft for a 2-year contract. 4 Bed Apt 2023-Q4 NOT AVAILABLE 1,300,000 2,800,000 Typical Size 3,175 sqft 4,187 sqft 4/5 Bed House 2023-Q4 NOT AVAILABLE 3,000,000 No ceiling —

Seoul, South Korea Rental market remains stable with demand exceeding supply in popular locations Property Trends Good to Know Popular Locations Sirva Tips Jeongse system, Wolse system, and Rental system are Upfront payment of 1 million to 5 million won is Hangangro and Banpo Assignees should place a down payment or a the three possible rental systems in Korea. Most required to secure the property. holding deposit as soon as possible. A security properties on the market are under the Wolse system. Review the contract and ownership paper to deposit is required in the local rental market, and the deposit amount varies. Financial issues within the construction business and make sure that the landlord is 昀椀nancially stable prior to renting the apartment. landlords with heavy loans may have an impact on the Early termination of the rental agreement is real estate market. No early termination of lease allowed in most generally not accepted. Landlords tend to be more willing to negotiate on rent areas. Assignees should start their home search about two for properties situated in less popular areas. months before their desired move-in date. Any earlier and the landlord may be unwilling to wait. Assignees should start searching for properties 3 to 4 weeks before their move-in date for smaller properties with low deposit amounts of 10,000,000 to 30,000,000 won. Arrange to view several units before making a decision.

RESIDENTIAL RENTAL Seoul: Snapshot of Typical Asking Rents (approx) MARKET TRENDS This information is brought to you by our Supply Chain partner, Apex Relocations Typical length of tenancy 24 months STANDARD PREMIUM Notice period 2 months Locations Ichon-dong, Haebanchong-dong, Seodaemun-gu, Gangnam-gu, Apgujeong-dong, Itaewon-dong, Hannam- Bangbae-dong dong Typical deposit Indicate if Indicate if 24 months rent in advance in place rental price is rental price is of deposit Rent From Rent To up, down or Rent From Rent To up, down or Property Pro昀椀le Unique situations (JPY/Month) (JPY/Month) unchanged (JPY/Month) (JPY/Month) unchanged • No diplomatic clause but there from previous from previous may be room for negotiation quarter quarter depending on the landlord. Typical Size 24 sqft 33 sqft 52 sqft 90 sqft 1 Bed Apt 2023-Q4 1,500,000 3,000,000 — 2,000,000 4,000,000 — • 5-10% of deposit required as down payment to secure the property before signing. Typical Size 50 sqft 79 sqft 72 sqft 99 sqft 2 Bed Apt 2023-Q4 2,500,000 4,000,000 — 4,000,000 6,000,000 — Typical Size 79 sqft 103 sqft 118 sqft 198 sqft 3 Bed Apt 2023-Q4 5,000,000 7,000,000 — 7,000,000 12,000,000 — Typical Size 69 sqft 264 sqft 83 sqft 300 sqft Row House 2023-Q4 4,000,000 13,000,000 — 3,000,000 15,000,000 — Typical Size 165 sqft 264 sqft 200 sqft 300 sqft Detached House 2023-Q4 10,000,000 13,000,000 — 10,000,000 20,000,000 —

Australasia

Australia Residential rental market remains increasingly competitive with the in昀氀ux of new talent arrivals Property Trends Good to Know Popular Locations Sirva Tips High volumes of applications for rental properties Upfront payment of 4 to 6 weeks’ rent is Inner suburbs Have the Letter of Employment ready and be prepared to share 昀椀nancial information as this have resulted in low vacancy rates. required to secure the property. Several applicants are often vying for a single rental A strong pro昀椀le underscores the assignee’s helps boost rental applications. Build a strong pro昀椀le and application prior to arrival property. reliability and 昀椀nancial capabilities, which then so it minimizes the time needed. Perth and Sydney have seen the most signi昀椀cant translates to a high chance of approval. Don’t expect to offer a lower weekly rental as agents increases in rentals and reductions in availability. Apartments in Australia are generally rented out have people offering higher than asking price in Properties tend to be rented out within 2 days, in an unfurnished condition, but with some many cases. Agents will decline an application if carpeting. but the approval to move in can take up to 2 weeks. To secure a property, most cities and states in someone is offering less than asking price. Most common rental period is 12 months. It is highly advised that the assignee loop in the Australia require initial payments to be made local consultant once they have identi昀椀ed a suitable within 24 to 48 hours of approval before a lease property so they can follow up with the agent to draft is sent through. assist in presenting the best possible offer.

RESIDENTIAL RENTAL Adelaide: Snapshot of Typical Asking Rents (approx) MARKET TRENDS ADELAIDE INNER ADELAIDE MIDDLE ADELAIDE OUTER Typical length of tenancy 12 months (Shorter-term leases can Locations CBD & metropolitan Adelaide Mount Gambier & surrounds Port Lincoln & surrounds be dif昀椀cult; 12+ months preferred) Notice period Indicate if rental Indicate if rental Indicate if rental 2 months price is up, down price is up, down price is up, down Rent Median Rent Median Rent Median Property Pro昀椀le or unchanged or unchanged or unchanged (AUD/Month) (AUD/Month) (AUD/Month) Typical deposit from previous from previous from previous 1 month deposit paid as a bond. quarter quarter quarter Sometimes, may include a 1 Bed Apt/ 1 month rent paid in advance. Townhouse/ 2023-Q4 1,630 1,413 1,174 Unique situations Unit • Standard procedure in AU is to 2 Bed Apt/ make the bond and advance Townhouse/ 2023-Q4 2,043 1,825 1,608 rental payments within 24-48 hrs Unit of approval in order to secure 2 Bed House 2023-Q4 2,238 — 2,043 1,739 properties (very fast-paced and 3 Bed House 2023-Q4 2,716 2,434 2,086 requires prompt approvals). • Negotiation on terms is limited, Vacancy 2023-Q4 0.6% — particularly with the increase in Rates demand for properties in the last Data Source: Real Estate Institute of Australia (REIA) Real Estate Market Facts 12 months. Offering below the asking price will lead to losing a property.

RESIDENTIAL RENTAL Brisbane: Snapshot of Typical Asking Rents (approx) MARKET TRENDS BRISBANE INNER BRISBANE MIDDLE BRISBANE OUTER Typical length of tenancy 12 months (Shorter-term leases can Locations CBD & inner surburbs Middle suburbs Outer suburbs be dif昀椀cult; 12+ months preferred) Notice period Indicate Indicate Indicate 2 months if rental if rental if rental Rent From Rent To price is up, Rent From Rent To price is up, Rent From "Rent To price is up, Typical deposit down or down or down or Property Pro昀椀le (AUD/ (AUD/ (AUD/ (AUD/ (AUD/ (AUD/ 1 month deposit paid as a bond. Month) Month) unchanged Month) Month) unchanged Month) Month) unchanged Sometimes, may include a from from from 1 month rent paid in advance. previous previous previous quarter quarter quarter Unique situations • Standard procedure in AU is to 1 Bed Apt/ Townhouse/ 2023-Q4 1,652 2,390 1,239 1,912 1,195 1,456 make the bond and advance Unit rental payments within 24-48 hrs of approval in order to secure 2 Bed Apt/ properties (very fast-paced and Townhouse/ 2023-Q4 2,303 3,151 1,804 2,390 1,434 1,739 requires prompt approvals). Unit • Negotiation on terms is limited, 2 Bed House 2023-Q4 2,151 2,825 1,869 2,390 1,565 1,825 particularly with the increase in 3 Bed House 2023-Q4 2,523 3,259 2,151 2,695 1,825 2,260 demand for properties in the last 12 months. Offering below the Vacancy Rates 2023-Q4 0.1% asking price will lead to losing a property. Data Source: Real Estate Institute of Australia (REIA) Real Estate Market Facts

RESIDENTIAL RENTAL Melbourne: Snapshot of Typical Asking Rents (approx) MARKET TRENDS MELBOURNE INNER MELBOURNE MIDDLE MELBOURNE OUTER Typical length of tenancy 12 months (Shorter-term leases can be dif昀椀cult; 12+ months preferred) Locations Suburbs within 10km of the CBD Suburbs between 10-20km Suburbs more than 20km from the CBD from the CBD Notice period 2 months Indicate Indicate Indicate if rental if rental if rental Typical deposit Rent From Rent To price is up, Rent From Rent To price is up, Rent From "Rent To price is up, 1 month deposit paid as a bond. down or down or down or Property Pro昀椀le (AUD/ (AUD/ (AUD/ (AUD/ (AUD/ (AUD/ Sometimes, may include a Month) Month) unchanged Month) Month) unchanged Month) Month) unchanged 1 month rent paid in advance. from from from previous previous previous Unique situations quarter quarter quarter • Standard procedure in AU is to 1 Bed Apt/ make the bond and advance Townhouse/ 2023-Q4 1,804 2,303 1,413 1,956 1,304 1,760 rental payments within 24-48 hrs Unit of approval in order to secure properties (very fast-paced and 2 Bed Apt/ requires prompt approvals). 1,673 1,999 Townhouse/ 2023-Q4 2,477 3,173 1,956 2,521 Unit • Negotiation on terms is limited, 2 Bed House 2023-Q4 2,651 3,259 2,034 2,608 1,739 2,043 particularly with the increase in demand for properties in the last 3 Bed House 2023-Q4 3,259 4,563 — 2,390 3,259 1,869 2,260 12 months. Offering below the asking price will lead to losing a Vacancy Rates 2023-Q4 2.3% property. Data Source: Real Estate Institute of Australia (REIA) Real Estate Market Facts

RESIDENTIAL RENTAL Perth: Snapshot of Typical Asking Rents (approx) MARKET TRENDS PERTH INNER PERTH MIDDLE PERTH OUTER Typical length of tenancy 12 months (Shorter-term leases can be dif昀椀cult; 12+ months preferred) Cities of Perth, Stirling (Sth. East), South Cities of Stirling (Central and Coastal), Cities of Wanneroo (Northern half), Perth, Subiaco, Nedlands, Belmont; Bayswater, Canning, McIIville, Fremantle Armadale, Rockingham; Town of Notice period Towns of Cambridge, Vincent, Victoria (inner & remainder), Cockburn, Kwinana; Shires of Swan, Mundaring and 2 months Locations/Zone Park, Claremont, Cottesloe and the Shire Gosnells, Wanneroo (Sth West & Sth Serpentine-Jarradale of Peppermint Grove East) southern half only; Towns of Typical deposit Bassendean, East Fremantle and the 1 month deposit paid as a bond. Shire of Kalamunda Sometimes, may include a 1 month rent paid in advance. Indicate Indicate Indicate if rental if rental if rental Unique situations Rent From Rent To price is up, Rent From Rent To price is up, Rent From "Rent To price is up, • Standard procedure in AU is to down or down or down or Property Pro昀椀le (AUD/ (AUD/ (AUD/ (AUD/ (AUD/ (AUD/ make the bond and advance Month) Month) unchanged Month) Month) unchanged Month) Month) unchanged rental payments within 24-48 hrs from from from of approval in order to secure previous previous previous properties (very fast-paced and quarter quarter quarter requires prompt approvals). Apt/ • Negotiation on terms is limited, Townhouse/ 2023-Q4 2,130 3,020 1,956 2,608 1,782 2,390 particularly with the increase in Unit demand for properties in the last House 2023-Q4 2,695 4,324 2,390 3,259 2,173 2,825 12 months. Offering below the asking price will lead to losing a Vacancy Rates 2023-Q4 0.7% property. Data Source: Real Estate Institute of Australia (REIA) Real Estate Market Facts

RESIDENTIAL RENTAL Sydney: Snapshot of Typical Asking Rents (approx) MARKET TRENDS SYDNEY INNER SYDNEY MIDDLE SYDNEY OUTER Typical length of tenancy 12 months (Shorter-term leases can be dif昀椀cult; 12+ months preferred) Ash昀椀eld, Botany, Drummoyne, Lane Auburn, Bankstown, Burwood, Baulkham Hills, Blacktown, Blue Cove, Leichhardt, Marrickville, Mosman, Canterbury, Concord, Hunters Hill, Mountains, Camden, Campbelltown, Notice period Locations/Zone North Sydney, Randwick, South Sydney, Hurstvile, Kogarah, Ku-ring-gai, Manly, Fair昀椀eld, Gosford, Hawkesbury, Holroyd, 2 months Sydney, Waverley, Willoughby and Parramatta, Rockdale, Ryde and Hornsby, Liverpool, Penrith, Pittwater, Wollahra Strath昀椀eld Sutherland, Warringah, Wollondilly Typical deposit and Wyong 1 month deposit paid as a bond. Sometimes, may include a Indicate Indicate Indicate if rental if rental if rental 1 month rent paid in advance. Rent From Rent To price is up, Rent From Rent To price is up, Rent From "Rent To price is up, Unique situations down or down or down or Property Pro昀椀le (AUD/ (AUD/ (AUD/ (AUD/ (AUD/ (AUD/ • Standard procedure in AU is to Month) Month) unchanged Month) Month) unchanged Month) Month) unchanged make the bond and advance from from from rental payments within 24-48 hrs previous previous previous quarter quarter quarter of approval in order to secure properties (very fast-paced and 1 Bed Apt/ requires prompt approvals). Townhouse/ 2023-Q4 2,412 3,259 — 2,299 2,825 — 1,912 2,477 Unit • Negotiation on terms is limited, particularly with the increase in 2 Bed Apt/ demand for properties in the last Townhouse/ 2023-Q4 3,259 4,346 — 2,303 3,042 2,086 2,825 — 12 months. Offering below the Unit asking price will lead to losing a 2 Bed House 2023-Q4 3,259 4,128 — 2,390 3,042 — 1,869 2,303 property. 3 Bed House 2023-Q4 4,302 6,084 — 3,020 3,911 — 2,303 3,042 Vacancy Rates 2023-Q4 1.6% Data Source: Real Estate Institute of Australia (REIA) Real Estate Market Facts

Auckland, New Zealand Strong upward movement in residential rental prices persisted in the 昀椀nal quarter of 2023 Property Trends Good to Know Popular Locations Sirva Tips Increased demand for rental properties from locals New coalition government will restore mortgage Central Business District (CBD) Have application documents ready. Local 昀椀eld consultants share these documents when they and international students drove rental prices up interest deductibility for rental properties between Mount Eden reach out to landlords. The sooner assignees have by 4.4%. 2023 and 2026, which may result in more homeowners these documents, the quicker the process and the Supply of available rental homes dipped due to putting their properties on the rental market. Epsom more likely they are to secure their choice property. strong demand. Upfront payment of 4 weeks’ rent (or otherwise Remuera Keep an open mind and be ready to compromise. Tenants not moving out as often have further negotiated with landlord) is required to secure the property. Tenants should do a thorough check of the contributed to the limited supply. In some cases, a holding deposit of no more than apartment and report any issues to the property Auckland CBD apartments have recorded the manager as soon as possible. 1 week’s rent is required to reserve the property but highest increase in weekly rents, on an average of this should be refunded or put towards the rent once 9.9% year-on-year. the leasing agreement is signed. Strongest growth in 1-bedroom properties in Typical length of tenancy is from 6 months to 3 years. Central Auckland have reported an average weekly rent of NZ$565, surpassing the pre-pandemic peak of NZ$521. Rents in Auckland will continue to rise in 2024 as demand is being boosted by surging migration.

RESIDENTIAL RENTAL Auckland: Snapshot of Typical Asking Rents (approx) MARKET TRENDS AUCKLAND INNER AUCKLAND MIDDLE AUCKLAND OUTER Typical length of tenancy 6 months to 3 years Meadowbank, St Johns, Howick, Glen Pt Chevalier, Western Springs, Mt Albert, Notice period Innes, Stone昀椀elds, Pt England, Mt Southern Mt Eden, Sandringham, Dependant on lease terms such as Wellington, Penrose, Pakuranga, Mt City, Parnell, Newmarket, Kingsland, Epsom, Remuera, Greenlane, Ellerslie, diplomatic clause Locations/Zone Northern Mt Eden, Ponsonby, Grey Lynn, One Tree Hill, Royal Oak, Mission Roskill, Avondale, New Lynn, Blockhouse Bay, Green Bay, Henderson, Te Atau, St Mary’s Bay, Herne Bay, Westmere Bay, Kohimarama, St Heliers, Orakei, Typical deposit Massey, Hobsonville, Greenhithe, Takapuna, Northcote Point, Milford, 4 weeks rent or by negotiation Glen昀椀eld, Rosedale, Albany, Murrays Bay, Devonport, Northcote, Birkenhead Browns Bay, Torbay, Long Bay Unique situations Sometimes a holding deposit of no Rental Rental Rental more than 1 week’s rent is requested price is up, price is up, price is up, to hold the property for the tenant. Rent From Rent To down or Rent From Rent To down or Rent From Rent To down or Property Pro昀椀le (NZD/ (NZD/ unchanged (NZD/ (NZD/ unchanged (NZD/ (NZD/ unchanged Once the lease is signed, this should Month) Month) from Month) Month) from Month) Month) from be refunded or put towards the rent. previous previous previous quarter quarter quarter 1 Bed Apt/ Townhouse/ 2023-Q4 2,389 4,758 2,260 3,019 2,390 2,737 Unit 2 Bed Apt/ Townhouse/ 2023-Q4 2,740 6,517 2,780 5,650 2,737 4,345 Unit 2 Bed House 2023-Q4 3,476 4,780 2,933 5,650 3,019 3,910 3 Bed House 2023-Q4 3,910 8,234 3,476 7,822 3,563 4,345 Property 2023-Q4 NZ does not publish vacancy rates Supply Data source: https://www.tenancy.govt.nz/rent-bond-and-bills/market-rent

Middle East

Abu Dhabi, United Arab Emirates Demand for luxury rental apartments soared, pushing prices up Property Trends Good to Know Popular Locations Sirva Tips Increased demand for luxury rental properties drove In a landlord’s market, they are highly likely to Budget friendly locations: Make sure the assignee’s residence visa or Emirates ID is in place before 昀椀nalizing any purchase, rental, or rental prices up by 14%. take the 昀椀rst and/or best offer with quick Khalifa City lease contract or agreement. Rental rates in the mid-tier segments have transactions. They may be open to negotiations for single cheque payments. Al Khalidiyahm Ensure the assignee has suf昀椀cient funds to pay for the remained tenant-friendly with some areas seeing property and can put down a security deposit (5-10% a decrease in rent by 3%. Upfront payment to secure an unfurnished Mohammed Bin Zayed City of total rent) once the right property is chosen. The city’s economic development, population property is at 5% of the annual rent and 10% Al Reef for furnished properties. Engage an authorized housing agent who can review growth, and the changing preferences of expatriate Luxurious high-end locations: all property documents to ensure a Tawtheeq residents have contributed to a signi昀椀cant increase certi昀椀cate is issued – a vital piece of paperwork for in demand for both upscale and budget-friendly Al Reem Island assignees sponsoring their family residence visa. residential properties. Standard lease term is at a minimum of 1 year. Al Raha Beach Landlords will take the 昀椀rst and/or best offer for a Khalifa City is the most searched for area to rent Yas Island quick rental. Discounts may be provided or negotiated for single cheque payments. affordable apartments in Abu Dhabi. Al Raha Gardens Assignees are highly advised to start searching for an The average rent for a 4-bedroom villa in Khalifa apartment as soon as they have secured their visa City experienced a moderate increase of 3.2% in and Emirates ID. rentals in 2023.

RESIDENTIAL RENTAL Abu Dhabi: Snapshot of Typical Asking Rents (approx) MARKET TRENDS STANDARD PREMIUM Typical length of tenancy 12 months Locations Reem Island, Khalifa A, Marina Square (Reem Island), New Corniche, Khalifa Park, Khalidiya, Notice period Umm Al Nar, Mushrif Raha Beach, Sun & Sky 3 months Indicate if Indicate if Typical deposit rental price is rental price is 5% annual rent for unfurnished Rent From Rent To up, down or Rent From Rent To up, down or Property Pro昀椀le property and 10% annual rent for (AED/Month) (AED/Month) unchanged (AED/Month) (AED/Month) unchanged furnished property. from previous from previous quarter quarter Typical Size 750 sqft 1,250 sqft 700 sqft 1,200 sqft 1 Bed Apt 2023-Q4 4,462 7,585 — 5,457 10,458 — Typical Size 1,200 sqft 1,800 sqft 1,300 sqft 1,800 sqft 2 Bed Apt 2023-Q4 6,246 10,958 — 8,185 13,642 — Typical Size 1,750 sqft 2,200 sqft 1,750 sqft 2,600 sqft 3 Bed Apt 2023-Q4 9,371 17,850 — 14,550 20,918 — Typical Size 2,500 sqft 3,800 sqft 3,000 sqft 4,200 sqft 4 Bed Apt 2023-Q4 13,387 27,666 — 15,825 34,924 — Typical Size 3,500 sqft 6,000 sqft 4,500 sqft 8,000 sqft 4/5 Bed House 2023-Q4 18,742 32,130 — 21,372 38,108 —

Dubai, United Arab Emirates Rental rates for residential properties poised for an upward trajectory Property Trends Good to Know Popular Locations Sirva Tips Dubai’s 昀氀exible visa schemes and aggressive In a landlord’s market, they are highly likely to Budget friendly locations: Make sure the assignee’s residence visa or Emirates ID is in place before 昀椀nalizing any purchase, rental, economic plan to boost trade and investments to a take the 昀椀rst and/or best offer with quick Al Nahdam Diera or lease contract or agreement. global hub status led to an in昀氀ux of investors and transactions. They may be open to negotiations immigrants to the city, resulting in a vast increase in for single cheque payments. Mirdiff Damac Hills Ensure the assignee has suf昀椀cient funds to pay for demand for rental properties. Upfront payment to secure an unfurnished Mid-range locations: the property and can put down a security deposit (5-10% of total rent) once the right property is Current market conditions in Dubai have increased property is at 5% of the annual rent and 10% Jumeirah Village Circle Arabian Ranches chosen. for furnished properties. the prevalence of tenants to renew residential leases, thus dividing the new and renewed property rental Bur Dubai Reem Engage an authorized housing agent who can review Typical length of tenancy is 1 year. rates. Luxurious high-end locations: all property documents to ensure a Ejari certi昀椀cate Rental costs for affordable properties surged by 4% to is issued – a vital piece of paperwork for assignees sponsoring their family residence visa. 28%. Dubai Marina Dubai Hills estate Asking rents for high-end properties have increased Landlords will take the 昀椀rst and/or best offer for a Business Bay Al Brasha quick rental. Discounts may be provided or by up to 31%. Demand for properties in popular locations is high, negotiated for single cheque payments. resulting in in昀氀ated rental prices. Many turn to the more affordable areas outside of the city.

RESIDENTIAL RENTAL Dubai: Snapshot of Typical Asking Rents (approx) MARKET TRENDS STANDARD PREMIUM Typical length of tenancy 12 months Dubai Marina, The Greens, JBR, JLT, Business Bay, Sheikh Dubai Marina, Downtown, DIFC, Jumeirah/ Notice period Locations Zayed Rd, DSO, The Springs, Jumeirah (older units), Umm Suqeim, The Meadows, Jumeirah Islands, 3 months Al Barsha (compound) Arabian Ranches Typical deposit Indicate if Indicate if 5% annual rent for unfurnished rental price is rental price is property and 10% annual rent for Rent From Rent To up, down or Rent From Rent To up, down or Property Pro昀椀le furnished property. (AED/Month) (AED/Month) unchanged (AED/Month) (AED/Month) unchanged from previous from previous quarter quarter Typical Size 750 sqft 1,250 sqft 700 sqft 1,200 sqft 1 Bed Apt 7,251 18,581 2023-Q4 5,063 12,074 Typical Size 1,200 sqft 1,800 sqft 1,300 sqft 1,800 sqft 2 Bed Apt 10,129 23,225 2023-Q4 7,366 13,936 Typical Size 1,750 sqft 2,200 sqft 1,750 sqft 2,600 sqft 3 Bed Apt 15,336 26,414 2023-Q4 12,081 18,217 Typical Size 2,500 sqft 3,800 sqft 3,000 sqft 4,200 sqft 4 Bed Apt 28,008 41,828 2023-Q4 17,270 23,836 Typical Size 3,500 sqft 6,000 sqft 4,500 sqft 8,000 sqft 4/5 Bed House 32,210 60,419 2023-Q4 18,305 24,501

Riyadh, Saudi Arabia Competition remains stiff for budget friendly rental properties Property Trends Sirva Tips Very high demand for budget friendly properties, Majority of the properties in Riyadh are Rental commissions are not always applicable Keep an open mind and be ready to compromise if budget but supply continues to be limited. 2-bedrooms and larger. Smaller sized and may vary based on property type, is tight. The limited supply of available housing caused strong properties are very limited. location, negotiations between relevant Bear in mind that there will be strictly no refund of parties and the real estate agent. Therefore, competition among potential tenants, which led to deposit in the event of an early termination. Good to Know con昀椀rm with the agent handling the higher prices for certain compounds and locations. transaction as they may have their own Serviced apartments could be an alternative to The deposit, 昀椀rst rental instalment and There is a rise in property scams where properties are policies and fee structures. compounds for short-term assignments. contract registration fee must already be advertised at very low prices to lure unsuspecting Typical length of tenancy is 1 year, and prepared at the time of the home search to Check to ensure that you have all necessary documents expatriates, in particular foreigners who do not speak no early terminations accepted. speed up the process and successfully secure on hand such as the residency card or permit, otherwise the local language. the assignee’s choice property. Popular Locations known as the Iqama, original copies of your passport and Language and cultural barriers continue to pervade Landlords are not open to negotiations, and visa, and marriage certi昀椀cates (if applicable). the expatriate community, and many 昀椀nd it Smart residential and gated neighbourhood: most are unwilling to go far below the asking Highly advise Western assignees to have a good challenging to navigate the entire property rental price. understanding of the cultural nuances in the Kingdom of process. Shams Ar Riyadh in Al Dareiyah province Saudi Arabia (KSA) prior to arriving in the city. Vision 2030 set the motion for rapid development Luxurious high-end location: Assignees should only start looking for properties when within the country and raised initiatives for increased Parisiana Riyadh they are ready to rent as apartments are mostly for housing but supply still falls short of demand for immediate occupancy. rental properties.

RESIDENTIAL RENTAL Riyadh: Snapshot of Typical Asking Rents (approx) MARKET TRENDS This information is brought to you by our Supply Chain partner HelpXpat Typical length of tenancy 1 year STANDARD PREMIUM Notice period Locations Reem, AlWaha, Start, Sedar, Eid, The village, Yamami Arizona, AlBustan, AlNakhla, AlJadawel (Ishbilia) AlHamra 2 to 3 months Compounds and Cordoba Compounds Typical deposit Indicate if Indicate if 1 month or 5,000 SAR rental price is rental price is Unique situations Rent From Rent To up, down or Rent From Rent To up, down or Property Pro昀椀le (SAR/Year) (SAR/Year) unchanged (SAR/Year) (SAR/Year) unchanged Lease is unbreakable with a 1-year from previous from previous rent advanced payment. There will quarter quarter be no return of rent even under a diplomatic clause. Typical Size 60 sqm 60 sqm 66 sqm 66 sqm 1 Bed Apt 2023-Q4 95,000 190,000 — 120,000 295,000 — Typical Size 100 sqm 150 sqm 111 sqm 170 sqm 2 Bed Apt 2023-Q4 125,000 240,000 — 200,000 300,000 — Typical Size 250 sqm 300 sqm 255 sqm 330 sqm 3 Bed Apt 2023-Q4 180,000 250,000 — 300,000 500,000 —

Exchange Rates $1.00 USD equals: 7.16 Chinese Yuan Renminbi 1333.66 South Korean Won 7.82 Hong Kong Dollar 1.54 Australian Dollar 83.03 Indian Rupee 1.64 New Zealand Dollar 4.78 Malaysia Ringgit 3.67 Emirati Dirham 1.35 Singapore Dollar 3.75 Saudi Arabian Riyal 150.18 Japanese Yen PUBLISHED MARCH 2024 DISCLAIMER: Sirva con昀椀rms that information contained herein, including projections, has been obtained from sources believed to be reliable. It is intended to help readers better understand the general real estate leasing trends speci昀椀c to relocation programs. While Sirva has endeavored to gather suf昀椀cient data to provide a comprehensive report, the terms of your transaction should be speci昀椀cally tailored to your market, relocation policy and other unique conditions. Sirva is not responsible for the terms and results (including any loss or damages you may incur) of your speci昀椀c transaction.

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