HDB and Condo Rental Units Bounce Back in the Month of March with Steep Rise in Rents


Recent reports reveal that the rental volumes for condos as well as Housing Board (HDB) flats rebounded in the last month after a great decline in the previous quarter. However, rents hit the peak highs in the month of March while surpassing the last peak reported in August 2013 by almost 1%. On the other side, the rental price for condos went off the peak by 0.8% in comparison to stats observed from January 2013.

The experts in the real estate industry consider this a safe management measure that can facilitate viewings. The main contributing factors to this rise are the return of expatriates and foreign workers after relaxation in lockdown measures and the reopening of borders.

The rental volume for Singapore condos climbed by almost 21.2%, with an estimate of 4683 units in the previous month; however, it was 3863 units in February. A huge number of HDB flats in Singapore were leased last month. The range was high by 31.3% to the estimated 1767 units in comparison to 1346 units reported in the previous month. Observations reveal that condo rents increased by 2.9% at a quicker pace in comparison to the 1.4% in the February month. The HDB rents further increased by 1.4% as compared to the 1.7% estimate of the previous month. It is reported to be the 15th straight month for condo rental growth and the 21st for rental of HDB flats.

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Private Home Prices in Singapore Grow Slow in Q1 after Cooling Measures

The Singapore real estate market is known for its red hot private properties that experience sizzling price variations every year. However, as per the recent reports, the overall price growth for property slowed down by almost 0.4% during the first quarter of 2022.

Analysis reveals that the recent quarter marked the slowest price increase on a quarter on quarter basis. The last rise was reported in the second quarter of the year 2020, when prices went up by 0.3%. This trend further experienced a rise of 5% during the fourth quarter of the year 2021, which is the highest quarterly release reported after the second quarter of the year 2010, when prices of property increased by 5.3%.

Several aspects are responsible for the considerable fall in the property prices, such as the Russia-Ukraine conflicts, the sharp surge in the Covid-19 crisis, and the Chinese New Year. The head of the research wing at CBRE, South East Asia, recently reported that the new launches of this quarter were actually restricted to the smaller boutique housing projects because developers preferred a wait-&-see approach after recent cooling measures. In a similar manner, buyers also held back in the market due to reassessing the property market.
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HDB Resale Prices Up by 2.3% in Q1 Even After Slow Growth in the Market

Resale prices at the Housing Board  (HDB) have climbed up for the almost eighth consecutive quarter, even after the signs that prices of residential properties may settle in. Reports reveal that flat resale prices increased by 2.3% during the first quarter of this year in comparison to the last quarter of the previous year. Moreover, this is the lowest price growth recorded since 2020’s third quarter, when the property prices increased by 1.5%. When compared with the stats from one year ago, the Housing Board flat resale prices have increased by almost 12%.

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Sales of New Private Homes in Singapore Drops to Lowest Point since May 2020 after CNY Lull

Reports reveal that Singapore developers put a higher number of new private homes for sale during last month; however, they sold lesser units due to the lull of Chinese New Year and the absence of new launches.

The sentiments related to Singapore residential market are also affected by rising interest rates, the surge reported by covid-19 cases, and the heightened tensions caused by the Russia-Ukraine war.

As per the data released by the Urban Redevelopment Authority, the buyers in Singapore have invested in 527 private residential properties which are 23% lesser than 680 units sold in January. Furthermore, the count is 18.3% lesser than 645 units sold in the previous year. It is reported to be the lowest new home sale on the monthly basis right since the sale of 487 units in May 2020.

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