Rents for high-end non-landed private residential units rise at fastest pace since 2014
In Q2, rents rose to $4.79 psf.
The second quarter of 2022 marked the highest increase of monthly rents for high-end non-landed private residential projects since Q1 2014, rising 7.6% QoQ to $4.79 psf in Q2.
In Q1 2014, monthly rents were at $4.84 psf.
According to Savills, rents rose significantly in Q2 due to a lack of significant completions in the prime areas.
“The dearth of significant completions islandwide have allowed landlords to dictate rents,” the property expert said.
Limited completions also led to a contraction in leasing volumes during the quarter, said Savills.
In Q2, the leasing volume of high-end units fell below the 20,000 mark for the first time since Q2 2022. Transactions were at 19,545 in Q2, translating to an 8.7% QoQ decline.
The decline spread across all three market segments, particularly in Core Central Region (CCR), where transactions fell 13.3% QoQ to 5,780.
On a year-on-year (YoY) basis, rental contracts fell by 13.3%.
Read Here
Advertise
Sign Up
