Chart of the Day: Private home leasing up 15.2% in 3Q as expats swarm to Singapore

Even amid escalating costs.

Unlike the sluggish residential sales market, the leasing market was buoyant in the third quarter of 2014.

According to the Urban Redevelopment Authority (URA), leasing volume of private residential properties reached a new record of 17,775 cases, registering a quarterly increase of 15.2% or an 11.0% growth YoY. Over the first nine months of this year, there were a total of 46,632 leases inked, 8.7% higher than last year’s 42,899 leases recorded over the same period.

According to Savills, the high level of leasing activities is a testament to the attractiveness of the city state to overseas nationals. 

An annual HSBC survey says that Singapore is the best place in Asia and second in the world after Switzerland, for expatriates to live in, even amidst escalating costs. The survey revealed that Singapore provided good career progression, financial well-being and quality of life for expatriates working here.