Singapore: Rents increase more than 70%
The housing market in Singapore is becoming increasingly expensive, with rent increasing by more than 70%.
In early 2021, tenants could easily find a home that fit their budget for S$3,000 in areas like Orchard, famous for its luxury apartments and high-end shopping. However, the shortage of housing supply resulting from the epidemic, coupled with the continuous influx of foreign investment, has caused a real estate fever in the country. The average rental price of apartments in and near Orchard has increased by more than 40%.
The central areas of Singapore, known for their "golden position," have seen rent increases of more than 40%. In the first four months of 2021, 54% of leases were S$3,000 or less. However, in the same period in 2023, tenants had access to only 12% of the apartments on the market. Finding larger apartments for families is harder than ever before, as most apartments priced at S$3,000 are one-bedroom units.
During a property conference, the Minister of Finance and National Development, Indranee Rajah, stated, "We know that tenants are worried about rents skyrocketing. However, we hope to see rental market pressure ease in the coming quarters. In the next few years, a lot of public and private housing units will be built."
Singapore: Rents increase more than 70%
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