Happy New Year from your team at AIRINC!
Wishing you and your family a healthy and peaceful new year!
Our recent DATA POINTS update (a selection of AIRINC Research Results) was conducted primarily in Europe, Asia, and mainland Southeast Asia. Here are some highlights from the APAC region.
Snapshots of expatriate-quality rental markets around the world
Phnom Penh, Cambodia [RISING]
Vacancy rates are low for an already limited supply of expatriate-quality housing, especially for larger apartments and houses in central areas. Increased demand has driven rents up and, though new construction is in the works, those projects may not be ready to rent for several more years.
Taipei, Taiwan [RISING]
Expatriates have been returning to Taiwan in increasing numbers after the government reopened the border in October. This higher demand is coupled with a reduced supply due to more landlords selling off properties. Larger budgets are now needed to secure good-quality properties.
Bangkok, Thailand [RISING]
During the early years of the pandemic and restrictions, tenants had more power to negotiate with landlords. Now, things have returned to a more normal status and with more expatriates coming in, rents are rising.
Highlights from AIRINC’s in-depth research
Selected 3-month Exchange Rate fluctuations of more than 5%
Changes in expatriate tax
The Myanmar tax year changed to begin on April 1st (previously October 1st). For the 2022/2023 tax year, the tax brackets were widened. The top marginal tax rate remains at 25%, applicable to taxable incomes exceeding MMK 70,000,000. Personal allowances are unchanged. Social security contribution rates are unchanged. The net effect of these changes is a decrease in tax for all taxpayers.