Expats ask for lower rents as crisis hits wages

Singapore’s property market is usually dominated by foreigners.

Singapore’s expats are requesting for lower rent as the economic crisis further pushes businesses to cut costs, reports Bloomberg.

Whilst the government has rolled out relief measures, most are aimed at locals, with more than $7b paid out to employers in April to co-fund the wages of almost two million local workers.

The Lion City has one of the world’s priciest property markets which is normally dominated by people from overseas. Residential rates climbed three-fold last year, with prices bolstered by robust overseas demand.

Some landlords are resisting calls for rent cuts because the types of apartment that they own are either limited in supply or because rental income is allotted for paying their own mortgage.

Here’s more from Bloomberg.

Photo courtesy of Wikimedia Commons.