PUBLISHED : 26 Jan 2024 at 09: 49
Residential housing in Singapore. (Photo: Bloomberg)
Singapore rents dropped for the first time in more than three years, giving respite to tenants on the back of increased housing supply and expectations for an economic slowdown.
An index of rents for private homes in the financial hub fell 2.1% in the fourth quarter compared with a 0.8% rise in the previous three months. That is the first decline since the third quarter of 2020, according to figures published Friday by the Urban Redevelopment Authority (URA). It is also the steepest drop since the wake of the global financial crisis in 2009.
The decrease, which was spread across all market segments, comes after a significant ramp-up of supply amid a surge in housing costs. About 21,300 private residential units were completed last year, the most since 2016 and more than twice the number in 2022, according to the URA.
“With the increased competition, landlords are more willing to accept lowe
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