Tenants Rule as Singapore's Home, Office and Retail Rents Drop
- Home rent index declined 1.3% in first quarter, URA data show
- Office rents fell 2.1% and retail slumped 1.9%, data show
Public housing stands in the Ghim Moh district of Singapore, on Friday, June 26, 2015. Singapore is scheduled to release home price data on July 1. Singapore's home prices dropped for a seventh consecutive quarter, the longest losing streak in 13 years, as tighter mortgage curbs cooled demand in Asia's second-most expensive housing market.
Photographer: Darren Soh/BloombergIt’s a good time to be a tenant in Singapore.
Rentals across the city-state’s home, office and retail properties dropped in the quarter ended March as an oversupply and weak demand dragged down prices sought by landlords. Singapore’s home rental index dropped 1.3 percent in the three months ended March 31 from the previous quarter, data Friday from the Urban Redevelopment Authority showed. Office rentals slid at a faster pace, falling 2.1 percent, while retail rentals declined 1.9 percent.