Leasing demand in Singapore is up, despite some curbs on the issuance of employment passes. This is according to property consultancy Savills. Savills said the greater leasing demand is driven by an increasing number of overseas nationals who are here on a short-term project basis of between six months and a year, as well as the rising number of newly-wed couples waiting for their homes to be...
Singapore Rental Market
Landlords of private homes may see the rental market softening when higher property taxes kick in next year, as these investors grapple with higher holding costs. Owning luxury or investment homes will incur higher property taxes starting January 2014. For private homes not occupied by owners, new marginal property tax rates of 12 to 20 per cent will be levied in addition to the current 10 per...
Rental movements across Singapore’s office, retail, industrial and residential segments are expected to be moderate this year, according to a report by Colliers International. Compared to 2012, rents of Grade A buildings are forecast to decline by five percent in 2013, while capital values could rise by five percent. Rents of luxury non-landed private housing could fall by 10 percent, while capital...
Rentals for private homes may have hit record prices and volume in 2012, but some market experts said the market will be slower in 2013. Median rents as of October 2012 has reached S$3.75 psf, 14.3 per cent higher than the S$3.28 psf in Jan 2011. Commodities trader Pushkar Jamnerkar will be looking to work and live in Singapore with his family for the second time. However, property prices have spiked...
The rental yield for non-landed private property went down by 0.2 percentage points in the last 10 months, compared to the same period last year. According to statistics from the Singapore Real Estate Exchange (SRX), this brings the rental yield to 4.03 per cent. This is even though average rental rose by two per cent in the first 10 months, to reach about S$3.80 per square foot. In October alone, the...
While Singapore’s residential leasing market cooled in September, leasing volume and median rents for Q3 still peaked at record highs, according to data from the Urban Redevelopment Authority (URA) and Savills Research & Consultancy. Last quarter, leasing volume hit a new historical high of 14,029 leases, surpassing the previous record of 13,028 in Q3 2011. With 37,668 leases already transacted in...
Rentals for private homes are expected to ease in the next 12 months, especially those in the luxury segment. Experts said current rentals for private homes are just 1 per cent off the peak recorded in the second quarter of 2008. It used to take about a month to secure a tenant for private homes in the rental market last year. Now, it takes about three to four months, according to analysts. While...
Monthly rentals of luxury apartments fell 0.8 percent in Q2 this year due to tighter immigration rules, noted Colliers International Research. The consultancy stated that stricter immigration controls affected spill-over leasing demand from foreigners who cancelled or postponed their buying decisions due to the additional buyer’s stamp duty (ABSD). “Coupled with the seasonal summer break lull, the...
Leasing demand for residential properties in Singapore remained robust in the first two months of this year as transactions hovered above 3,000 each month, according to Savills Research. Its data showed that there were 3,446 leasing transactions in February 2012, down 5 percent on-month. But Savills said February's transactions were still higher than the 2,767 transactions recorded a year ago. Based on...
With a growing number of senior executives from the expatriate community leaving Singapore, some prime locations are seeing a drop in asking rentals. Based on data compiled by The PropertyGuru, the most notable fall in median asking rental prices was seen in District 4 (Harbourfront / Telok Blangah), recording a significant 15 percent decline from a median price of S$7,900 in Q4 2011 to a median price of...