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Condo, HDB rents in Singapore hit all-time highs in Q3: URA, HDB data & More Latest News

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SINGAPORE — Rents for each personal and public housing continued climbing in the third quarter of 2022 to hit all-time highs, with personal dwelling rents rising 8.6 per cent, based mostly on authorities housing data launched on Friday (Oct 28).

This is a sharper improve than the 6.7 per cent rise recorded in the earlier quarter and the steepest quarterly rental improve for the reason that third quarter of 2007, when personal residential rents rose 11.4 per cent.

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Giving a breakdown of the data, the Urban Redevelopment Authority (URA) stated that rents for landed properties rose the quickest, going up by 10.9 per cent in the July to September interval, in contrast with the three.2 per cent improve in the earlier quarter. 

Excluding govt condominiums, the charges for condominiums in the core central area climbed by 7 per cent in the newest quarter, whereas these in the remainder of central area and the surface central area rose 9.6 per cent and eight.8 per cent respectively. 

URA rental index of personal residential properties reached 137.9, the best level on file. The index takes reference from rents in the primary quarter of 2009, when personal residential lease is assigned 100 on the index.

As for Housing and Development Board (HDB) flats, rents had been additionally larger in the third quarter of this 12 months. 

The median month-to-month price for renting a five-room HDB flat in Queenstown, for instance, is now at S$3,600, a S$400 improve from S$3,200 in the earlier quarter, HDB stated in a separate assertion.

Data from the SRX Rental Index, which tracks public housing rental, confirmed that the price of renting an HDB flat on the finish of September is at a file excessive. HDB rents went up 20.9 per cent in the primary 9 months of this 12 months.

The quarterly data by URA and HDB covers the interval earlier than a swathe of cooling measures by the Government took impact on Sept 30.

The measures included imposing mortgage limits to reasonable demand in the HDB resale market amid rising rates of interest and a new 15-month wait-out interval focusing on personal property homeowners trying to downgrade to an HDB flat.

Experts had stated that the brand new wait-out interval might push up rents.

STRONG RENTAL DEMAND FOR PRIVATE HOMES

Rental transactions for personal properties are additionally up by double-digit share factors, indicating that demand remains to be robust.

According to URA data, quantity of transactions grew by 20.5 per cent in the third quarter to hit 25,382, up from 21,068 models in the second quarter.

As for the HDB rental market, there have been fewer accepted purposes to lease out HDB flats in the third quarter with accepted purposes falling by 12 per cent from 9,309 models in the second quarter to eight,192 models in the newest quarter.

This is the third decline of accepted purposes in consecutive quarters, stated HDB. 

Compared with the third quarter in 2021, when 10,417 models had been accepted for lease, rental quantity in the identical interval this 12 months fell 21.4 per cent.

As of the tip of September, there have been 56,372 HDB flats being rented out, a slight improve of 0.6 per cent over the 56,014 models in June. As a internet determine, this statistic takes into consideration the quantity of people that have stopped renting.

CONDO PRICES INCREASE MARGINALLY

Overall, costs of personal residential properties elevated by 3.8 per cent from July to September, barely larger than the three.5 per cent improve in the earlier quarter, URA stated.

  • Prices of landed properties elevated by 1.6 per cent in the third quarter of 2022, moderating from the two.9 per cent improve in the earlier quarter. 
  • Prices of non-landed properties went up by 4.4 per cent, in contrast with the three.6 per cent improve in the earlier quarter.
  • The tempo of worth improve in the newest quarter was quickest for condos outdoors the central area, which rose by 7.5 per cent. 
  • Condos in the core central area and the remainder of central area rose by 2.3 per cent and a pair of.8 per cent respectively.
  • In the third quarter, builders launched 1,455 personal properties (excluding govt condominiums), fewer than the 1,956 models in the second quarter. They additionally offered fewer personal residences: 2,187 in the third quarter in contrast with 2,397 in the earlier quarter.
  • There had been 3,719 resale transactions in the newest quarter, in contrast with the 4,236 models transacted in the earlier quarter.
  • Resale transactions accounted for 60.5 per cent of all sale transactions in the third quarter, which is decrease than the 62.2 per cent in the second quarter.

HDB RESALE PRICES UP, THOUGH AT SLOWER PACE

  • Resale costs for HDB properties went up 2.6 per cent in the third quarter, slower than the two.8 per cent improve in the earlier quarter, in line with HDB’s Resale Price Index, which displays the overall worth actions in the resale market.
  • There had been 7,546 resale transactions for public flats in the third quarter, which is a ten.7 per cent improve in contrast with the 6,819 offers in the second quarter.
  • HDB resale transactions in the third quarter had been 10.5 per cent decrease in 2022 than 2021.

RENTAL SURGE EXPECTED TO PERSIST: EXPERTS

Property watchers attributed the explanations for the surge in rental charges to the return of overseas college students and expatriates. 

They added that building delays of latest personal and public properties by the Covid-19 pandemic which precipitated extra homebuyers to look in the direction of the rental market had additionally elevated rental demand.

At the identical time, expectations of additional rate of interest hikes have led to landlords elevating their rents as they anticipate larger mortgage repayments, stated specialists.

Ms Christine Sun, OrangeTee & Tie’s senior vice-president of analysis and analytics, stated: “With larger property taxes and presumably larger prices of dwelling subsequent 12 months, we might anticipate landlords to lift rents additional.

“Moreover, the 15-month wait-out period for private homeowners purchasing HDB resale flats may lead to more people renting in the interim. The increased demand will inevitably drive rents higher next year.”

Mr Lee Sze Teck, senior director of analysis at Huttons Asia, famous that the return of overseas college students and sustained hiring of expatriates are pushing up demand for properties, however the rising rents have exceeded a few of their budgets and precipitated a “musical chairs” motion of tenants.

“Some of them have moved from the core central region to the rest of central region, while (others) have moved from the rest of central region to the outside central region,” he stated.

This is probably going why rents in each the remainder of central area and out of doors central area have risen on the quickest tempo since 2007, he added.

Mr Lam Chern Woon, head of analysis and consulting at actual property agency Edmund Tie, stated that whereas personal dwelling rents might proceed to develop subsequent 12 months, they could transfer at a extra reasonable tempo because the backlog of completion delays clears.

The variety of accomplished personal properties is predicted to double from about 8,400 models in 2022 to greater than 18,200 models in 2023, he added.

Condo, HDB rents in Singapore hit all-time highs in Q3: URA, HDB data

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