Luxury property rents increase faster in Singapore than New York
SINGAPORE pushed New York off the top spot for the strongest growth in residential rents in the last quarter of 2022, fuelled by a supply crunch and strong demand.
The city-state saw annual rents jump 28 per cent in the quarter from a year earlier, according to a report by Knight Frank. New York followed with 19 per cent growth, while London and Toronto took the third and fourth spots, according to the survey of prime residential rents across 10 cities.
Singapore’s soaring rents – driven in part by a lack of supply of new housing during the pandemic – have been a source of consternation for residents, sapping household budgets at a time when living costs are surging. New visa rules to attract foreign talent are likely to supplement tenant demand further.
Still, the city has 17,000 private homes that are set for completion this year, which could provide some relief to accommodation pressures, said Leonard Tay, Knight Frank’s head of research in Singapore.
Ranked at the bottom of the list is Hong Kong, where rents fell 6.4 per cent year-on-year as international companies deferred expansion plans, according to the report. Demand from tenants has dwindled as people left the city during the pandemic.
While prime rents have remained robust across many global cities, the overall rate of annual growth is starting to slow, Knight Frank said. BLOOMBERG
A NEWSLETTER FOR YOU
Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Airbnb promises to combat sex work in rentals during Paris Olympics
Hong Kong property deals hit three-year high in April
More homes planned in Media Circle to support housing demand
Qatari Sheikh sells London mansion to fellow royal for £39 million
Toronto home sales fall for third month in April; prices rise
Far East Shopping Centre owners in private talks after close of S$928 million en bloc tender