S’pore rental prices fall 4.3% from last year

Rental prices of private residential properties in Singapore fell 4.3 percent in the third quarter of 2015 from the same period last year, according to the Knight Frank Global House Price Index.

The city-state was among the world’s weakest performing rental markets, ranking 52nd out of 55 housing markets tracked by the index.

The index’s overall performance is weighted by GDP on a Purchasing Power Parity basis.

Turkey leads the rankings with prices up 18.9 percent year-on-year. Strong levels of foreign investment, an expanding population and a slowdown in construction contributed to the upward pressure on prices, noted Knight Frank.

Aside from Turkey, four other countries recorded double-digit annual price growth; Hong Kong, Sweden, New Zealand and Luxembourg.

Meanwhile, the recent US interest rate hike is likely to have repercussions for those currencies pegged to the US dollar, with some emerging markets expected to slip down the house price rankings in 2016, added the property consultancy.

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