High-end rents rise 3% whilst mid-market rents decline

Affluent local families drove the High-end rent increase.

Rents for high-end and ultra-luxury non-landed private homes rose by around 3% between April and May.

Knight Frank attributed the increase to "affluent local families waiting for the completion of their landed homes currently undergoing reconstruction" and "foreign expatriates who leaned towards leasing against purchasing due to the prohibitive ABSD rate."

Unlike the high-end and ultra-luxury segments, rents in the mass and mid-end markets declined in April and May, falling between 1% and 3%.

Volume-wise, leasing contracts for non-landed private homes increased by 0.1% to 12,378.

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