Luxury on a bargain: Core Central Region private condo rental prices drop 2.5% in June

Overall rental prices also slipped.

The Core Central Region’s luxurious condos are steadily becoming cheaper. The CCR was the main driver in the decline of private condo rental prices in June.

According to the Singapore Real Estate Exchange’s Private Resdiential Flash Report, rental prices in the CCR recorded a 2.5% drop, followed by a 1.1% price fall in Outside Central Region (OCR).

However, rental prices in Rest of Central Region (RCR) bucked the trends as it increased by 1.3%.

“Based on the non-landed private residential rental SPI sub-index, overall rental prices in June slipped by 0.8% compared to May. Compared to the peak rental price observed in January 2013, rental prices in June are down by 6.5%,” noted the report.

The SRX also noted that rental volume was up 2.2%, with an estimated 3,151 whole units were rented in June, a 2.2% increase from May's 3,084 rental transactions. On a year-on-year basis, rental volume improved by 18.6% from the 2,657 rental contracts signed in last year's June.