Staff reporter

, Singapore

Photo by Noelle Koh on Unsplash

Prices were up around 8% to 15% in Q2.

Private market rental prices surged in Q2, up 8.89% QoQ for non-land properties and 15.30% QoQ for land properties.

In the last quarter, prices for non-land and land properties rose only 6.40% and 4.04%, respectively.

According to PropertyGuru, the surge in rental prices was likely due to expats returning to Singapore, as well as low residential vacancy rates.

Higher rental price growth is likely to continue into the third quarter, according to PropertyGuru, adding that “tight rental supply and low residential vacancy rates create a ripe formula for sustained rental price growth in housing markets.” private real estate”.

Rental price growth, however, is expected to moderate through 2023 as more projects are completed.

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