SINGAPORE: SG condo rentals continue a 4-month decline; HDB prices hit an all-time high after Nov 2023 dip, according to the latest data on the property rental market by 99.co and SRX.
Mr Luqman Hakim, Chief Data & Analytics Officer at 99.co, provided insights into the market trends, stating that the downward trajectory in condo rental prices began in July. He said, “We expect lower volume to persist towards the end of the year as the holiday season approaches but pick up again in 2024Q1.”
Mr Hakim added, “Despite Condo rental prices being on the downtrend since July, y-o-y growth remains at 6%. It remains to be seen if prices when a rental floor is going to be established.”
The pricing gap between condominiums and HDB rentals “continues to close,” with HDB rental prices rebounding after a slight dip in October. This resurgence is particularly evident in larger flats, namely 5-room and Executive Flats.
Condo Rental Market
Nov 2023 witnessed a 1.4% decrease in condo rents from Oct 2023. Notably, both Rest of Central Region (RCR) and Core Central Region (CCR) experienced a 2.0% decrease, while Outside Central Region (OCR) rents remained stable.
Year-on-year, overall condo rents exhibited a growth of 6.3%, with CCR, RCR, and OCR recording increases of 5.0%, 6.4%, and 7.7%, respectively.
However, the volume of condo rentals saw an 8.4% month-on-month decline in November 2023. Approximately 4,950 units were rented compared to 5,402 units in October 2023.
Year-on-year, rental volumes have decreased by 1.5%, 12.0% lower than the 5-year average for November. The regional breakdown indicates that 36.6% of the total volumes come from OCR, 32.0% from RCR, and 31.3% from CCR.
HDB Rental Market
Nov 2023 saw HDB rents increase by 0.8% from October, driven by both Mature and Non-Mature Estates, where rents rose by 1.0% and 0.6%, respectively. All room types exhibited rent increases, with 3-room, 4-room, 5-room, and Executive Flats experiencing increments of 0.4%, 0.9%, 0.7%, and 1.7%, respectively.
Year-on-year, HDB rents surged by 12.0% from November 2022. Mature Estates and Non-Mature Estates recorded year-on-year growth rates of 11.2% and 13.0% respectively. Additionally, all room types demonstrated substantial year-on-year increases on 3-room, 4-room, 5-room, and Executive rents by 9.7%, 12.6%, 14.1%, and 12.9%, respectively.
Meanwhile, HDB rental volumes decreased by 5.7% month-on-month, with an estimated 2,693 units rented in November, a year-on-year increase of 10.0% was noted. The volumes also exceeded the 5-year average for November by 0.3%.
Breaking it down by room type, 3-Room, 4-Room, 5-Room, and Executive have total volumes in November of 33.4%, 37.7%, 22.8%, and 6.2%, respectively. /TISG
The post SG condo rentals continue 4-month decline, HDB prices hit all-time high after Nov 2023 dip appeared first on The Independent Singapore News – Latest Breaking News