SINGAPORE FALLS TO
7TH PLACE FOR HIGH-END RENTALS
January 25, 2017
Singapore falls to 7th place for high-end rentals
Singapore has fallen three spots this year for high-end
rental accommodation in Asia.
Singapore has emerged as the seventh most expensive
destination in Asia for high-end rental accommodation this year, down from
fourth place in 2016, reported the Business Times.
Hong Kong retained its position as Asia’s most expensive location,
with monthly rent for an unfurnished three-bedroom apartment hitting US$10,189
(S$14,473) on average.
Tokyo and Seoul grabbed the second and third spots
respectively, followed by Yokohama, Shanghai and Beijing.
Mobility solutions provider ECA International’s latest
Accommodation Survey showed that average rents in Singapore have dropped
significantly since 2012, with an unfurnished three-bedroom apartment in
popular expatriate neighbourhoods averaging US$4,535 (S$6,443) per month.
Lee Quane, Regional Director for Asia at ECA International,
attributed the drop in rent to several factors.
“Firstly, expatriate numbers in Singapore have stabilised
recently, which has curbed demand for rental property in popular expatriate
neighbourhoods. Furthermore, improved transport links in Singapore have led to
movement away from historically popular districts such as 9-11 to cheaper
locations,” he said.
“Singapore has also received more assignees from places such
as China, Malaysia, Taiwan and Thailand whose housing budgets are likely to be
lower. These factors, combined with an increased supply of property in the
market, have caused landlords to respond by reducing rental prices,” added
Quane.
Info courtesy - Propertyguru