Presently Singapore has seen a selling spree in the housing-sector which has led to a steep rise in the prices of the rental properties. Some of the tenants residing in the rental properties in Singapore were forced to seek accommodations in less popular areas to avoid getting into smaller apartments. The eastern part of Singapore has seen a rise of 10%---20% in the prices of the rental properties in the last 2 quarters. The offices and companies in Singapore are increasing their 'house allowances' to help the employers keep up with the rising prices of the rental properties.
The Rental Market for Houses and Apartments in Singapore
Comparatively smaller residential apartments with 1 and 2 bed-rooms located in the main residential districts of Singapore are being booked by the younger generation of expatriates who are arriving there in droves. This trend may result in an acute shortage of residential apartments in Singapore. Rents have shot up considerably, particularly for two and three bed-room apartments that are located in the suburban areas and which are within easy reach of the Mass Rapid Transit system.
In the second quarter of 2007, the rental market in Singapore will stay buoyant. The rental prices of the apartments which are located in districts numbered 9, 10, 11, 15 and 16 will see a further increase and it is expected that there is going to be a shortage of the larger apartments.
The reasons for a hike in the rents of these apartments are as follows: The supply is not proportional to the demand
The tenants and owners of the sold apartments will relocate to other residential accommodations and will look for similar-sized apartments.
The hike in rents will force tenants to shift into smaller accommodations thus increasing the rents of the smaller apartments as well.
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