Rents for luxury homes to dip 5% in 2013

Competition tightens among developers.

According to Colliers International, the heightened competition for tenants in completed and upcoming projects is expected to continue exerting some downward pressure on rents.

As such, the average monthly gross rents of luxury/super-luxury homes are expected to slip by up to 5% in 2013.

Here's more from Colliers:

Price-wise, developers who have bought land at high prices, particularly from the Government Land Sales (GLS) programme, may be less likely to reduce prices extensively due to low profit margins.

In light of the revised forecast tally which remains healthy, the above factors are expected to still provide support for prices of newly launched homes.

Taking into account the possible effects on the secondary market as well, overall private residential home prices are expected to flat line with marginal downsides if any, apparent nearer the end of the year.

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