SINGAPORE – Leasing demand for landed homes is still expanding in the second half of 2022 amid a “red-hot” rental market for residential homes, research by real estate agency PropNex has found.
The next highest-grossing lease signed was for a property in Oriole Crescent in the Bukit Timah area that fetched a monthly rental of $80,000, PropNex stated. This brought the overall rents of private homes to rise 8.6 per cent, a clip faster than the 6.7 per cent growth in the previous quarter.PropNex noted that given the sustained leasing interest and rising rentals, more owners of landed homes may opt to rent out their property instead of putting them on the market.
“In the light of geopolitical tensions in several parts of the world, Singapore’s status as a safe haven has prompted more foreigners to seek residences in the city state,” PropNex added.“With looming concerns over a global recession, businesses may be more prudent about their expansion, as well as review their expatriate headcount and corporate housing budget for expatriate staff,” said PropNex.
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