Chart of the Day: Number of empty homes expected to hit 11,271 in 2021

The proportion of stock under construction could fall to nearly 20%.

This chart from RHB Research shows that by 2021, the number of empty homes in Singapore is expected to hit 11,271 units.

In 2018 and 2019, the number of units are expected to hit 7,893 and 8,696, respectively.

Private home supply hit its peak in 2016 and 2017, with nearly 20,516 and 16,898 homes completed respectively, compared to the 10-year average of 11,472 units.

This compares favourably with the 10-year average demand of 9,978 units.

However, vacancy rates remained high at 8.4% in Q3 and are expected to remain elevated as the market digests the completed supply that came onstream over the last one year.

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