Condo rental volumes flat in Feb on lack of new launches

Buyers also remained at the sidelines as they wait for interest rates to decline.

Rental volume remains relatively flat on a month-on-month (MoM) basis despite being 0.9% higher than in February 2023, data from 99.co and SRX showed.

“Volume in February 2024 was subdued due to the CNY holiday and the absence of major project launches. Some buyers held back their purchase to wait for an easing in interest rates before buying.” Mark Yip, CEO, Huttons Asia, said.

According to a statement by the OrangeTee group, demand for resale properties may strengthen in the upcoming months should interest rates moderate, enhancing housing affordability and attracting more buyers to the market.

Condo prices remain relatively unchanged as well with a slight increase of 0.2% MoM.

Rents in the Core Central Region (CCR) increased by 0.2%, whereas rents in the Outside Central Region (OCR) rose to 0.1%. The Rest of Central Region’s (RCR) condo prices remain the same.

“The resale condo market may pick up in the next few months with the resumption of launches after the Chinese New Year. Prices of resale condo may rise by 4% to 6% in 2024, moderating from the 7.3% increase in 2023.” Yip added.

Follow the link for more news on

Singapore

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia