Residential leasing volume to hit 48,000 in 2012

It's another stellar year.

According to Savills, the residential leasing market is set to end 2012 on a high note. Leasing demand has remained buoyant for the past few months on the back of high employment and stable economic growth.

The total number of leases in the first ten months of this year has reached 42,139. This is just short of 2,923 leases from the record high of 45,062 in 2011. As November and December historically see an average of around 3,000 leasing deals for each month, the full year’s leasing volume is expected to hit around 48,000 transactions, another stellar year.

The number of condo leases has reached 37,886 in the first ten months of this year, slightly lower than the full year’s transactions of 40,222 in 2011. Similarly, house leases climbed to 4,253 transactions in the first ten months of 2012, coming just below the 4,840 transactions for the full year of 2011. The total number of leases for condos and houses is poised to record new highs by the end of the year.