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Rents for Singapore's non-landed private homes down 0.6 pct in September

Xinhua, October 12, 2016 Adjust font size:

Rental prices for Singapore's non-landed private homes decreased by 0.6 percent in September compared to the previous month, while rents for public housing flats dropped 0.3 percent month-on-month, said Real Estate Exchange (SRX Property) in its flash estimates on Wednesday.

On a month-on-month basis, rents for private homes in downtown and suburban area dropped 1.8 percent and 0.3 percent in September respectively.

In contrast, rents for private homes in city fringe rose 0.2 percent.

SRX Property said rental prices for private homes were down by 4.6 percent in September compared with that in September 2015.

In individual sectors, rents for private homes in downtown, city fringe and suburban area decreased 2.8 percent, 4.6 percent and 6.0 percent respectively. Rents in September was 17.6 percent down compared to its peak in January 2013.

Rental volume for non-landed private homes decreased by 14.2 percent in September month-on-month, with about 3,716 units rented out compared with 4,329 units rented in August.

While on a year-on-year basis, rental volume in September was 8.5 percent higher than 3,426 units rented in the same month last year.

As for HDB market, SRX Property said rents decreased by 0.3 percent from August to September. Rental prices for three-room, four-room and five-room flats decreased by 0.7 percent, 0.1 percent, and 0.4 percent respectively. Rents for executive flats also post a decline of 0.8 percent in September month-on-month.

HDB rents in September dropped by 4.5 percent year-on-year, said SRX Property. Compared to the peak in August 2013, rents in September declined 10.8 percent.

On HDB rental volume, it was estimated that 1,491 HDB flats were rented out in September, compared to 1,680 units in the previous month, which registered an 11.3 percent decrease.

While on a year-on-year basis, rental volume in September decreased 14.4 percent compared with the same month last year.

About 80 percent of the resident population in Singapore live in units built by HDB and sold to eligible households. The public housing market is more tightly regulated than the private one. Endit