Chart of the Day: Rents for posh condos go tumbling downhill by 0.2% to $4.84psf

Will it crumble under pressure?

The double whammy of expats' smaller housing stipends and the rocketing number of new posh projects is putting further measure on Singapore's high-end property market.

Savills reported that according to the URA, following the drop of 0.5% in the previous quarter, the overall rental index of private residential properties continued to ease 0.7% in the quarter.

Here's more from Savills:

Only rents of non-landed residential properties in the RCR inched up  0.3% QoQ, while those in the CCR and OCR declined 0.6% and 0.8% respectively. More pressure on residential rents is expected in 2014, especially in the high-end market, as expatriates’ housing allowances continue to be trimmed and there is an increasing number of newly completed high-end projects entering the market for lease.

The average monthly rent of high-end condominiums tracked by Savills continued its downward trend since mid-2011, with average monthly rents dipping 0.2% to S$4.84 per sq ft in the reviewed quarter.