Experts predict that Singapore’s rental growth will slow
May 22, 2023
Tenants in Singapore for booth rental Singapore, event photography in Functionswho have been dealing with rising housing expenses may find some relief in the fact that rental growth is likely to decelerate for the remainder of this year due to additional supply and macroeconomic headwinds.
According to Ken Foong, an analyst at Bloomberg Intelligence, yearly growth in residential rents may be between 10% and 15%, although this growth may decelerate to less than 5% in the second half. This follows a rise of 7.2% in Q1 and an increase of over 30% in 2022. He said that the market is still supported by the city-state’s economic recovery and strong employment market.
Rising rents and property prices in the financial center as a result of the epidemic have made it difficult for the government to appease locals. In an effort to preserve affordability, authorities increased property purchase taxes at the end of April, mostly targeting foreign and second-home purchasers.