The phenomenon of rising property prices is becoming more and more prominent in Singapore.
Due to geopolitical tensions, rising inflation, and the stability of the Singapore dollar in recent years, Singapore's private housing market has attracted a wave of foreign transaction fever, with more and more foreign buyers flooding into the Singapore real estate market, which in turn has driven up real estate prices, looking quite strong in the general cooling environment of the global real estate market.
In addition, local rentals in Singapore have also been affected by the new crown epidemic, as the construction schedules of many properties in Singapore have been hampered in the last two years and the time for delivery has been extended, which is one of the reasons for the soaring residential rents in Singapore.
According to a report released by SRX, a Singaporean real estate agency.
Since this year, apartment and HDB rent prices in Singapore have continued to rise, and as of September, private home rentals in Singapore have increased for 21 consecutive months, and HDB rentals have increased for 27 consecutive months.
Recently in Singapore to rent a room, basically need to grab, many houses are on the way to see the room is booked out, so much so that many landlords began to sit on the price, compare the price that each tenant can pay to decide who to rent to, and even to pick the background of the tenant.
It is understood that the current rent for a single room in a shared apartment is above S$2,000, for a single apartment it is around S$3,000-4,000 and for more than two rooms the monthly rent is above S$4,000.
Experts also point out that many tenants are also starting to opt for longer leases, which will lead to a gradual reduction in the number of units available for rent. Although rental transactions tend to decline at the end of the year, mainly due to the fact that potential tenants and landlords are on vacation and there are fewer viewings, demand is expected to pick up after the year-end holidays.
Although in the past year, the Federal Reserve has been in a sustained interest rate hike and political instability, resulting in higher lending rates and construction costs, but the overall property situation has also proved to be good despite the increase in the additional stamp duty.
Macroscopic observation shows that Singapore's property prices are still rising in the last decade, so it is estimated that next year will still be the year of continuous rise! And with the opening up of China, more and more Chinese investors are coming in, the demand for property will increase greatly, plus the scarcity of land supply in Singapore, so it is expected that Singapore property prices will continue to rise in 2023.