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Rents for Singapore's non-landed private homes down 0.4 pct in July

by August 11, 2016 General

SINGAPORE, Aug. 11 (Xinhua) — Rental prices for Singapore’s non-landed private homes decreased by 0.4 percent in July compared to the previous month, while rents for public housing flats built by Housing and Development Board (HDB) inched up 0.5 percent month-on-month, said Singapore Real Estate Exchange (SRX Property) on Thursday.

Rents for private apartments in downtown and suburban area in July dropped 0.7 percent and 1.1 percent on a month-on-month basis. In contrast, rents for private homes in city fringe rose 0.8 percent.

SRX Property said rental prices for private apartments were down by 4.8 percent in July year-on-year. In individual sectors, rents for private apartments in downtown area, city fringe and suburban area posted 1.6 percent, 7.0 percent and 6.3 percent decrease respectively. Rents in July was 16.9 percent down compared to its peak in January 2013.

Rental volume for non-landed private homes dropped by 5.0 percent month-on-month, with about 4,100 units rented out in July, compared with 4,316 units rented in June. While on a year-on-year basis, rental volume in July was 3.4 percent lower compared with the same month last year.

As for HDB market, SRX Property revealed that rents increased by 0.5 percent from June to July. Rental prices for three-room flats and four-room flats rose 1.3 percent and 0.8 percent respectively. While rents for five-room and executive flats decreased 0.8 percent and 0.4 percent.

HDB rents in July dropped by 3.8 percent year-on-year, said SRX Property in the flash estimates. Compared to the peak in August 2013, rents in July declined 9.6 percent.

On HDB rental volume, it saw a 6.1 percent decrease in July month-on-month. It was estimated that 1,653 HDB flats were rented out, compared to 1,760 units in the previous month. While on a year-on-year basis, rental volume in July decreased 10.3 percent compared with the same month last year.

About 80 percent of the resident population in Singapore live in units built by HDB and sold to eligible households. The public housing market is more tightly regulated than the private one.