Luxury condo rents dropped the most in Q3 as stingy expats exit

Rents of posh flats have been falling since 2011.

Rents for posh flats in the Core Central Region (CCR) declined the most during the third quarter. Data from the Urban Redevelopment Authority show that rents in the CCR fell by 1.9% last quarter, a significantly large margin compared to the overall 0.8% rent decline for private homes across the island.

According to Savills, the average monthly rent of high-end condominiums tracked by Savills continued its downward trend since mid-2011, with average monthly rents falling by 2.2% QoQ to S$4.66 per sq ft.

Savills states that rent declines in the CCR are most likely brought about by shrinking housing budgets in a market flooded by new homes, along with a smaller number of expatriates willing to buy expensive homes in the city’s core.

“The softening rent of private residential homes is most evident in the CCR especially among luxurious residential units. An increasing number of expatriates are seeking accommodation in the RCR where rents are comparatively lower and its distance from the city is compensated by the availability of public transportation,” the report notes.

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