RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Expats turn to HDB flats as housing allowances shrink

HDB rental demand will stay buoyant.

As more companies tighten the purse strings and offer smaller relocation packages, some expats are turning to public housing in order to save on cash.

According to ERA Realty, HDB rental demand is expected to remain buoyant in 2016 despite the steady decline in rents.

“As some expatriates are facing crimped relocation packages, they have considered renting a HDB flat instead of a private apartment. Consequently, HDB rental demand is expected to remain resilient,” ERA Realty said.

ERA Realty said that although HDB rentals decreased by 4% for 2015--slightly more than the 3.4% in 2014--HDB flats continue to enjoy a strong demand base due to their lower quantum.

“The number of HDB rental transactions has increased and this indicates that there is still firm demand in the HDB leasing market,” ERA Realty commented.

HDB rents are expected to continue to decline in 2016.

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