COTD: Rents across all residential markets decline QoQ

The ultraluxury segment fell the most.

Rents across all market segments declined on a quarterly basis, with the ultraluxury segment falling the most by 6.1%, according to a Knight Frank report.

The report noted that landlords were defensive, prioritising occupancy amidst cost-of-living concerns threatening to reduce Singapore’s appeal to foreigners.

Moreover, in the past five years, the non-landed private home price index for the CCR grew by a cumulative 27%, against the gains of 47% and 46% made in the RCR and OCR, respectively.

“In the leasing market, conditions are expected to remain stable, where the overall rental growth remains on track to range between 1% and 3%,” Knight Frank said.

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