Monthly rent for posh homes dipped 8% YoY

Median rents for all non-landed homes held steady at S$3.53 per sq ft in April and May.

Here's from Savills:

Based on data released by the Urban Redevelopment Authority (URA), island-wide median rents for all non- landed properties, excluding executive condominiums, held steady at S$3.53 per sq ft per month in April and May this year.

Island-wide median rents for landed homes continued to rise this quarter reaching S$2.63 per sq ft per month in April and S$2.65 per sq ft per month in May.

Owing to strong leasing volume and sustained rental levels, the total transaction value for all properties hit an eight-month high of S$19.7 million in April.

Although the transaction value fell slightly in May to S$18.7 million, it is still higher than the S$16.8 million recorded last year.

The transaction value for the two months has reached S$38.4 million, 8% higher than a year ago.

The rents of high-end non-landed residential properties tracked by Savills showed a four-month consecutive fall.
The average monthly rent dipped to S$5.03 per sq ft per month in Q2/2012, sliding 3% QoQ.

On a YoY basis, prime rents fell by 8% from S$5.46 per sq ft per month in Q2/2011.