Singapore has been ranked as the ninth most expensive city to rent in a new report – but evidence from recent weeks suggest rental prices may have already dropped by 20 percent since the start of the year.
One agent told PropertyGuru she had just signed a deal to let a property that was previously priced at S$24,000 per month for just S$19,000 per month. The landlord had previously rejected a S$22,000 offer just a matter of weeks ago.
These examples are not unique – and calls to other agents who specialise in rentals indicate that prices have plunged in the opening weeks of the year. Many are reporting a lack of tenants – especially foreigners – and a certain degree of panic from landlords who are sitting on expensive properties with no prospect of an immediate income.
To continue reading, click PropertyGuru.com.sg
One agent told PropertyGuru she had just signed a deal to let a property that was previously priced at S$24,000 per month for just S$19,000 per month. The landlord had previously rejected a S$22,000 offer just a matter of weeks ago.
These examples are not unique – and calls to other agents who specialise in rentals indicate that prices have plunged in the opening weeks of the year. Many are reporting a lack of tenants – especially foreigners – and a certain degree of panic from landlords who are sitting on expensive properties with no prospect of an immediate income.
To continue reading, click PropertyGuru.com.sg
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