RENTALSG: From May 15 2017, private residential rental properties may only be leased to a maximum of six unrelated persons (down from the current maximum od 8 persons) according to the Urban Redevelopment Authority (URA). The changes were passed in parliament in February. Existing tenancy agreements with a cap of eight tenants will be grandfathered until May 15, 2019. landlords who fail to comp...Read more
While the prices of Housing and Development Board (HDB) flats slipped by 0.5 per cent in the first quarter of 2017 compared last quarter of 2016, the HDB rental market saw a slide in applications approved.
The number of applications for subletting saw a substantial drop of 6.5% between quarters to 9,981 in Q1 17.
Figures show that as on the end of March 2017, 53,360 HDB flats were sublet,...Read more
At RENTALS.SG, unlike a number of industry experts, we have not been calling a bottom to the market and for many logocal reasons. At best, the market may stabilize in 2017. Certainly, there is no trend to a bottoming or a solid set of improved indicators across the board. The rest is merely conjecture and talking up the market in an attempt to install confidence.
Our resolve has been reinfor...Read more
According to data released on Monday (24/4/17), inflation came in below expectation as Singapore residential rents continued to fall. First quarter inflation was 0.6% and residential rentals fell 0.4% percent on the month, continuing a downward spiral. Earlier quarters had tumbled by 1.2% in Q3 16 and a further 1% in Q 416.Read more
According to SRX flash estimates, rents across the board eased in March over February. SRX’s rental index for private apartments and condominiums fell 1.0% month on month in March, after a slight rise in February.
The index has shrunk 3.9% year or year and is down approximately 19% percent below the peak in January 2013.
Volume appeared to increase with an estimated 4,549 non-landed priva...Read more
According to Knight Frank, prime residential rents in Singapore dropped by 3.3% in Q4 2016 from the previous year. This flies in the face of a Knight Franks Global Rental index which noted that 10 of 17 cities that the index tracks, showed a growth in rental rates. Disparity between weaker performing markets and strong growth markets widened. RENTALS.SG helps tenants and landlords in Singapore ...Read more
You know it is a sign of desperation when "experts" start talking the property market up or calling a bottom while flying in the face of a new paradigm. Perhaps they are right, in as much that even a dead cat bounces. But with mortgagee’s sales on the increase, interest rates rising, a lackluster rental market and higher unemployment figures, we see little reason to cheer at this juncture.
Courtesy of The Singapore Business Review, a quote that says it all: “New technologies are not only disrupting traditional industries in Singapore -- a trend that Prime Minister Lee Hsien Loong said will force the economy to transform -- but also changing consumers’ behavior as they try to cope with rising costs and unemployment at a six-year high”.
Fitch further commented: “Macro-prudential...Read more
According to a recent press report, a group of tourists rented a one bedroom Airbnb apartment in Canonbury and converted it into a fully functioning nightclub in early March. Upwards of 200 people piled into the small London flat and the guest even hired a bouncer for the door, sold tickets, and then equipped the space with a complete DJ booth to match.
The surrounding neighborhood was not p...Read more
Only last month the concensus from several industry leaders and tax advisors alluded to no releief on the governmnet cooling measures in the mid-term. Market forces would cotinue to prevail in a somewhat lacklustre market. Then in the past two week, we have several attempts by the industry to "talk the market up", which in our opinion, made no sense. Today, in a surprise move, that caught the i...Read more