Property Market News
Leasing market still weak but may stabilise next year 2018
Tenants are still calling the shots for private condominiums and Housing Board flats, with rents staying flat and lease numbers falling. At first glance, there was good news for landlords, with private condo rents rising 0.5 per cent from May to June. That reversed the revised 0.6 per cent decline from April to May, but they are down 3.2 per cent on June last year, according to SRX Property estimates yesterday. International Property Advisor chief executive Ku Swee Yong said: "The increase could be a blip. We still see more property completions adding to the leasing market, and owners are still having difficulty getting tenants."
The rent increases last month were led by the city fringe, where rents rose 1.4 per cent from May. They increased 0.5 per cent in the suburbs, but those in prime condos in the core central region posted a 0.4 per cent drop last month. Fewer signed leases also point to the fragile market. There were 4,250 condo units leased last month, down 8.8 per cent on the 4,661 rented in May. However, analysts expect more leases will be signed in coming months following a recent policy change that cut the minimum rental period for private homes from six months to three.