(July 20): Housing tenants in Singapore and Lisbon are feeling the pinch more than anyone renting anywhere else.

Prime rents in the cities grew more than 13% in the first half of the year — a faster pace than anywhere else in the world — as people flocked from abroad to live there, according to Savills plc Ltd supply also bolstered prices, the realtor said in its Prime Residential World Cities Index report.

Lisbon, which topped the list with rental growth of 13.9%, has seen an influx of foreigners who tapped Portugal’s golden visa programme during the pandemic.

In Singapore, surging rents have become a political issue after fuelling discontent among locals and expats alike.

Savills said Singapore’s luxury rents demonstrated strong growth in the first half of 2023. But it expects a mild correction in the second half as supply increases and the economy slows.

“The rapid climb up in rents was something unsustainable and was attributable to the delays in completion of units due to the pandemic measures,” Alan Cheong, executive director of Savills Research & Consultancy, said of Singapore.

Prime rents in Hong Kong rose 2.7% in the six months, while those in London climbed 1.9%. Tokyo’s rents climbed 1.7% and New York saw a 1.6% increase.